NBE signs cooperation protocol with UNIDO

Shaimaa Raafat
2 Min Read

The National Bank of Egypt (NBE) announced on Tuesday signing a cooperation protocol with the United Nations Industrial Development Organisation (UNIDO). It aims to support small and medium enterprises (SMEs) in the economic fields concerned with sustainable agriculture, food production, waste management, and sustainable energy efficiency. 

Hisham Okasha, the Chairperson of NBE, signed the protocol, stating that it aims to reinforce the fruitful cooperation with UNIDO. 

Yehia Aboulfotouh, the vice chairman of the bank, said that the bank gives great attention to specialized startups and SMEs, considering they are the main pillars of Egyptians’ social and economic development, and a continuation of the sustainable development efforts. 

The agreement is in line with the state’s trend to create a climate that is attractive for investment, whether local or global, in Upper Egypt. It also seeks to increase economic resilience and flexibility in the region to increase industrial growth rates and generate jobs. 

Deputy Director General and the Managing Director of the Directorate of Global Partnerships and External Relations at UNIDO, Fatou Haidara, expressed her pride in the partnership with NBE as one of the largest banks in Egypt. She stressed that improving this sector aims to improve Egyptian products as a whole and support the government efforts to enhance growth, productivity, and jobs, while maintaining the environment.

Tarek Hassan, Head of the Small and Medium Enterprises Sector at NBE, said that the agreement helps strengthen the partnerships between the bank and international developmental bodies. It also fosters the bank’s support for SMEs by providing free technical support and a package of training programs which aim to enhance the knowledge and skills of owners of these enterprises. It also facilitates the obtaining of funding for sustainable agriculture projects in Qena and Luxor in Upper Egypt. 

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