The National Bank of Egypt (NBE) has announced a cooperation protocol with CBC Egypt for Industrial Development, which aims to provide the necessary financing for units equipped with industrial zones and provide banking and financing services to small and medium enterprises.
Yahya Aboul Fotouh, Vice Chairman of the Board of Directors of the National Bank of Egypt, said that the protocol comes to confirm the implementation of the strategy of supporting and financing small, medium and micro enterprises and the initiatives of the Central Bank.
With the Bank's commitment to complete its support for these projects, which are a key factor in advancing economic development and achieving the objectives of sustainable financing to ensure the rapid implementation of these projects and provide all facilities for them because of the added value they represent to the national economy, in addition to providing more job opportunities in various sectors.
Abou Elfto added that the protocol also aims to implement the state's policy aimed at supporting the industrial sector and encouraging investments in that vital sector, as well as the establishment of integrated industrial parks that serve various industrial fields.
Tarek Hassan, Head of the Small and Medium Enterprises Group at the National Bank of Egypt, stressed that the protocol seeks to provide the required financing for the purchase of premises with a financing rate of up to 75% of the specified value of the unit sold that will be used as Cyrus and small and medium factories, as well as financing the investment costs of the project and financing the working capital cycle.
He pointed out that the rate of return according to the two initiatives of the Central Bank of Egypt to support the financing of small and medium enterprises if the conditions for benefiting from them are met in relation to the investor requesting financing or in accordance with any of the concessional financing programs available at the bank, taking into account the purpose of financing to achieve the best return from these projects.
