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In a statement, the minister added that the agreement between the two banks comes as part of a larger agreement approved by the EIB worth€1.9bn, where €1.1bn will be provided for the transport sector and €800m for SMEs.
The research further established that about 40% of firms in Zambia were seeing a significant drop in revenues due to COVID-19 pandemic
The funding, which was provided between the project’s inception until the end of July, has helped provide 826,000 job opportunities for young people involved with these projects.
The event was attended by Minister of Public Enterprises Sector Hisham Tawfik, Minister of Trade and Industry Nevine Gamea, FEDCOC Head Ibrahim El-Arabi, and Chairperson and CEO of Benya Capital Ahmed Mekki.
In some countries, this percentage increased to as high as 50%, as government lockdowns and a global economic slowdown negatively impacted the companies around the world.
Gamea explained that the agency is keen to meet with governors and leaders of the authorities working in the SMEs sector.
NBE initiative will absorb large part of Egypt’s informal employment and reduce unemployment rates
Protocol aims to provide appropriate, encouraging financing climate for SMEs working in Egypt’s ICT sector, says Amr Talaat
Companies face decrease in labour-supply due to ongoing COVID-19 circumstances
At least 10% of digital projects to be awarded to SMEs under initiative, to achieve partnerships with small and emerging companies
The initiative aims to provide SMEs with services to implement business continuity measures as they face the repercussions of the ongoing health crisis.
Fayed also emphasised that Banque du Caire’s keenness to boost and diversify its foreign currency funding resources is directed at financing SMEs, which are a cornerstone in economic growth and sustainable development.
The move aims to bolster smaller companies and help them deal with the lower revenues crisis caused by the coronavirus (COVID-19) outbreak in Egypt.
MSMEDA given five years, administrative detention stopped
We hope to assist 200 projects through new Ismailia office, says Khalid Hamza
Both sides also discussed ways to enhance bilateral cooperation to increase Egyptian exports to the African market, as part of the Gosoor (Bridges) initiative, which aims to boost intra-trade between Egypt and other African countries. The initiative targets, in its first stage, 10 East African countries.
The bank’s bad loans do not exceed 4%
New programme offers wide-range products catering to the needs of SMEs
According to Instagram, its community contains more than a billion people around the world.
Banque Misr’s portfolio of SMEs reaches EGP 26bn by the end of September 2019
Authority has financed 545,000 small and micro projects, creating 850,000 jobs in last two years, says Gamea
French companies are more interested to invest in Egypt now than two or three years ago, says Stéphane Romatet
Bank pumped EGP 19bn to about 900,000 SMEs
The CBE has instructed banks working in the local market to allocate 20% of their loan portfolios to finance SMEs. El-Etreby pointed out that NGOs were also included within this segment.
These projects have positive repercussions on improving financial inclusion and enhancing financial, economic, and social stability. SMEs account for more than 95% of total enterprises in the vast majority of the world and contributing 33% to the GDP of developing economies.
New joint cooperation in transportation sector to be announced soon, says Nasr
Local authorities have ambitious plans to develop agriculture sector, says French ambassador
The International Finance Corporation (IFC), a World Bank Group member, invested close to $200m in the Egyptian market over the last eight months, the IFC Country Manager for Egypt, Libya, and Yemen, Walid Labadi, told Daily News Egypt (DNE). The IFC chose Egypt earlier as a model for its investments in Middle East and Africa. …
Bank to deliver 5 training sessions to entrepreneurs, assist in establishment of 25 start-ups
Increasing access to finance lays foundation for higher, more inclusive regional growth