The National Bank of Egypt (NBE) has allocated EGP 123m to legalise the situation of the owners of workshops, factories, and marble and granite showrooms in Shaq El Teaban area in Cairo. Currently, the funding applications of 300 investors who seek to obtain facilities from the bank are being considered. According to Hisham Okasha, the chairperson of the bank, this comes as part of the NBE's plan to support small and medium-sized enterprises (SMEs), especially in the industrial sector. It is also an attempt to legalise the informal sector and merge it into the formal sector. Okasha stressed that Shaq El Teaban has a great importance in the field of manufacturing marble and granite, and that this is why the NBE signed a cooperation protocol with Cairo governorate, to provide a 25% cash discount on legalisation fees. Furthermore, Okasha pointed out that the NBE is keen on facilitating the measures and required documents to be submitted by factories in order to attract them toward integrating with the formal sector. According to Mamdouh Affia, head of SMEs Finance Group, the bank pays close attention to SMEs, especially the ones working in the industrial and agricultural sectors. He added that the CBE considers the experience of Shaq El Teaban as an example of integrating the informal economy into the formal one. Okasha and Khakled Abdel Aal, the governor of Cairo, delivered last week 20 contracts to legalise the situation of owners of workshops and factories of marble and granite in Shaq El Teaban.
