Fathy Sebaey, chairperson of the Housing and Development Bank (HDB), and Hassan Ghanem, vice chairperson and managing director of the bank, witnessed the official launch ceremony of the Nile Pioneers Initiative. The ceremony was attended by Tarek Amer, governor of the Central Bank of Egypt (CBE), Lobna Helal, deputy governor of the CBE, and Tarek Khalil, head of Nile University.
During the ceremony, Sebaey received a plaque honouring the HDB for its active participation in this initiative.
The CBE, in cooperation with the Nile University, and with the participation of the HDB, and 11 other banks, established the Nile Pioneers Initiative through a 5-year agreement that embraces the ideas of the youth as well as their inventions, in order to find innovative solutions to their problems.
The notion of incubators is an aid to entrepreneurial initiatives, aimed to create new ideas or manufacture Egyptian products to replace imported products that companies, institutions and society can benefit from.
The HDB has contributed toward the development of the HDB construction incubator, providing developers with technical, legal, marketing, and financial support in order to create innovative solutions in the construction industry– whether mechanical solutions or the development of inexpensive building material. The incubator also supports green construction or any innovative solutions for the problems of the construction sector.
Also scheduled is the establishment of 30 business development centres in a number of governorates, which will be gradually increased in the coming years, covering all governorates of the republic.
These centres seek to adopt the ideas of promising projects, and subsequently provide technical support to them, which will help to meet the needs of the Egyptian market and increase employment opportunities.