Banque Misr has opened two business development services (BDS) centres in its branches in Sadat and New Damietta cities. The centres aim to support entrepreneurs, unleash the potential of young people, increase the number of small and medium-sized enterprises (SMEs), encourage emerging and existing companies in the targeted economic sectors, in order to promote local products through a competitive national industry, and enter new international markets. It comes as part of the bank's plan to expand in providing BDS through its various branches. Another BDS centre will be opened in Luxor in the coming period in line with the Nile Pioneers initiative, sponsored by Central Bank of Egypt (CBE). Deputy Governor of the CBE, Lobna Helal, said that the CBE pays special attention to supporting SMEs and consolidating the concept of entrepreneurship through several measures which include launching the Nile Pioneers. She explained that this initiative emphasises the role of the banking sector in supporting innovation by young people and embracing start-ups through several programmes, primarily BDS centres which provide technical and managerial support to entrepreneurs, which eventually contributes to supporting the achievement of the Egypt's Vision 2030 for sustainable development. Chairperson of Banque Misr, Mohamed El-Etreby, said that the locations of the new BDS centres in the cities of Sadat and Damietta were selected according to the country's investment opportunities map. He pointed out that opening these two centres comes within the framework of contributing effectively to the Nile Pioneers initiative and providing non-financial services through distinguished and trained cadres that help entrepreneurs overcome the challenges facing their projects, such as preparing feasibility studies, designing and marketing products, and serving as a link between companies, entrepreneurs, supply chains, the local market, and export. As part of the initiative, Banque Misr signed three cooperation protocols with three universities. The initiative brings together university students, entrepreneurs, and small industrial bodies to develop new products and build initial models of design houses using reverse engineering and training young cadres to reach them design basics. Banque Misr participates in several cooperation protocols and initiatives to support entrepreneurs and small and national projects of various sizes, mainly financing establishing Damietta Furniture City, the largest industrial area specialised in the furniture industry and complementary industries in the Middle East, as cooperation will take place with Damietta Furniture City to fund the purchase of small and medium workshops. This is in addition to providing the necessary funding for equipment and machines needed for production. Cooperation will also take place with the Industrial Development Authority and Robeky Leather City.
