Banque Misr and the Industrial Development Authority (IDA) signed a cooperation protocol to finance the establishment of industrial parks.
Mohamed El-Etreby, chairperson of Banque Misr, and chairperson of the Industrial Development Authority (IDA) Ahmed Abdel Razek signed the protocol.
The agreement includes Banque Misr offering financing for allocated projects and reviewing them within 15 days. The bank will share the results of its revisions with the IDA and specify the interest rate on financing. This comes as an implementation of the initiative posed by the Central Bank of Egypt to finance micro, small-, and medium-sized enterprises (MSMEs).
Banque Misr will also finance investors to pay for the allocated industry units by 75% of the total value of each unit, on a grace period of up to 10 years beginning one year after the date on which the unit was delivered.
Meanwhile, the IDA will be in charge of establishing industrial parks and allocating them for MSMEs on lands specified by the authority itself.
In a press release issued on Thursday, Banque Misr stated that financing this project comes in line with its keenness to support the national economy and empower the community. “This will enhance the national economy’s growth rate, increase the GDP, provide jobs, raise living standards, and push forward development,” the bank added.