NBE launches outlets for serving SMEs

Daily News Egypt
1 Min Read

NBE achieved EGP 15.1bn-worth of growth during the fiscal year that ended in June 2012, bringing the bank's total financial value to EGP 321.5bn, compared to EGP 306.4bn the previous year (Photo Public Domain)The National Bank of Egypt’s (NBE) outlets specialised for small and medium enterprises (SMEs) were launched on Wednesday to offer services to the sector, said Mahmoud Montasser, Vice-Chairman of the Bank.

Montasser told state-owned news agency MENA that the outlets will help SMEs to obtain operation licences and approvals.

He also noted that NBE has cooperated with Banque Misr and Principal Bank for Development and Agriculture Credit (PBDAC) to provide the necessary fund for the national initiative for community, human and local development called “Your Project” (Mashrou’ak).

The initiative targets providing opportunities of employments to youth in all governorates. The first phase of the initiative includes 11 governorates, such as Giza, Upper Egypt and border governorates. Approximately EGP 3bn will be pumped as down payment in those 11 governorates to implement small and medium projects for youth in several sectors.

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