The Suez Canal Bank (SCB) announced on Wednesday its participation in the initiative of ‘Nile Pioneers'– launched by the Central Bank of Egypt (CBE) in cooperation with Nile University. Nile Pioneers aims to promote the growth of small companies, encourage the establishment of start-ups in the targeted economic sectors using modern technology, as well as providing the technical and administrative support, in order to boost the local product and increase its competitiveness. "The initiative will give the chance to dozens of entrepreneurs to achieve their goals and make their dreams come true and turn them into reality, by providing financial and technical support, as well as guidance," the Chairperson of the SCB, Hussein El-Refaie, said, adding that it is aligned with the state's efforts to assist entrepreneurs in the fields of technology and communications. “The SCB's participation [in the initiative] stemmed from our policy of supporting the SMEs sector, as part of our responsibility toward the community, and our desire to provide youth with the proper atmosphere for innovation and creating new jobs," El-Refaie added. The bank will also sponsor a business incubator which adopts start-ups and provides them with technical, administrative, and financial support in the fields of communications and modern technology in order to spread the concept of ‘Simulation for Gamification', in cooperation with Nile University. Furthermore, as part of the initiative, the SCB will establish business development services centres for SMEs in geographical areas with investment opportunities, in order to provide non-financial services, to offer them advice and guidance, in addition to developing ideas and sponsoring them, and educate them on the bank's various services, which will positively impact the Egyptian economy. The SCB will play a role in providing consultations, trainings, meeting halls, as well as different activities and business development services in the centres, and help entrepreneurs to network with local and international partners. It will also hold five training sessions on entrepreneurship – one per year – as well as assist in the establishment of 25 start-ups, five per year.
