The Industrial Development Bank (IDB) intends to open the first business development centre in Borg El Arab in the beginning of 2020.
In a statement, the bank said that this comes in coordination with all relevant partners in the economic system to support domestic products and increase its competitiveness. The bank has recently sponsored many important industrial and vital projects as part of its participation in the Nile Pioneers initiative.
Among those activities was the bank’s sponsorship of the Business Centre for design and manufacture of modules, with its extensive experience in the field of financing and supporting industrial activities.
This comes within the bank’s strategy to actively contribute to the Nile Pioneers initiative, which is funded by the Central Bank of Egypt (CBE) with the aim of developing, qualifying, and increasing the capabilities of young businesspersons. It also aims to increase awareness of these projects, encourage intermediate industries, create investment opportunities, choose promising ideas, nurture them, and provide more banking services.
The bank also aims to serve as a liaison between companies and entrepreneurs in geographic areas with promising investment opportunities, especially in the areas of manufacturing in all its fields, which increases job opportunities for young people, supporting entrepreneurs, and encouraging startups.
It also comes from the bank’s role as one of the leading and qualified financial institutions in supporting and encouraging Egyptian industry, especially small and medium enterprises (SMEs).
These efforts are part of the bank’s role in supporting economic development, and in line with the state’s strategy to achieve sustainable development and encourage industry and investment, by providing all forms of support from distinct products and credit programmes that suit all sectors within the Egyptian economy.
A centre for industry and reliable production tools within the SME circle and entrepreneurs helps obtain the tools needed for projects at lower and qualitative costs, rather than importing them at higher prices. This contributes towards localising the industry and supporting its local component, and saves approximately EGP 4bn spent on imported moulds.
The support of this type of activities will contribute to achieving the bank’s goals, from spreading awareness and technical and administrative training to SME owners and startups. This also helps in facilitating the availability of the necessary financing by the bank to continue and contribute to the growth of entrepreneurship in the Egyptian market, and increase the contribution of SMEs and entrepreneurs in improving the gross national product, creating new job opportunities.
This support can increase the competitiveness of the local product, encouraging export, and reducing imports, which is a step complementary to the financing initiatives launched and supported by the CBE.