Grapevine

NBE, Ebdaa sign cooperation protocol to support national industries

The National Bank of Egypt (NBE) signed a cooperation protocol with the National Initiative for Industrial Development (Ebdaa). The protocol aims to provide financial, technical, and logistical support to enhance national industry and localize small and medium industries.

Mohamed El-Etreby, CEO of NBE, said that this protocol comes within the framework of the Bank’s commitment to supporting the Egyptian economy and enhancing the capabilities of small and medium enterprises (SMEs), by financing local industry projects and supporting innovation in the industrial sector and achieving Egypt’s Vision 2030. Suha Al-Turki, Deputy CEO of the bank, stressed the bank’s commitment to providing the necessary financing for small and medium industrial projects on easy terms. It is also keen on integrating projects into financial inclusion programs to facilitate obtaining the required financial support within an integrated framework within the concept of value chains provided by the Ebdaa initiative. This would be done through the designed financing, technical and logistical solutions, and supporting technical and technological schools.

Amani Eid, CEO of Ebdaa, expressed her happiness with the cooperation with NBE as a leading banking institution and providing an integrated package of financial solutions and technical services through the new protocol. This protocol is expected to enhance the efforts to support the national industry and create an integration between small and medium-sized industries and large entities. It will also provide technical and logistical support for these projects to ensure their success, provide technical support and services and facilitate and accelerate routine procedures.

Emad Farag, Head of SMEs at NBE, said that investment opportunities are being studied with the Ebdaa to provide financial and non-financial solutions to drive Egyptian industrial development, especially with the mutual desire to help develop the Egyptian economy by supporting projects that enhance local production and fully supporting SMEs.