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    ICT Minister, Banque Misr Chairman Witness Signing Protocol between ITIDA, Banque Misr for Funding ICT SMEs at 5% Interest through CBE Initiative

    Cairo, 12 June 2020

    The Minister of Communications and Information Technology Amr Talaat and Banque Misr Chairman Mohamed El Etreby have witnessed, through videoconference, the signing of a cooperation protocol between the Information Technology Industry Development Agency (ITIDA) and Banque Misr.

    The aim is to support Egyptian ICT companies, help them grow and provide the necessary credit facilities for developing and growing the business of the companies registered at ITIDA database.

    The protocol was signed by ITIDA CEO Hala El Gohary and Banque Misr Vice Chairman Akef El Maghraby.

    The protocol targets providing the necessary fund to ICT companies, especially Small and Medium-sized Enterprises (SMEs), within the framework of the initiative launched by the Central Bank of Egypt (CBE), at 5% interest rate, according to the initiative terms and conditions.

    In light of the protocol, ITIDA will prepare a list of the companies applying for fund from Banque Misr, after checking their registered data. In addition, ITIDA and Banque Misr will collaborate to carry out entrepreneurship training courses for ICT companies.

    Talaat referred to the SMEs vital role in achieving economic development and creating decent job opportunities. He said that the protocol comes in the keenness of the Ministry of Communications and Information Technology (MCIT) to develop local ICT companies, in a way that helps boost their operational efficiency and effective contribution to building the digital Egypt, and stimulate their competitiveness in regional and global markets.

    The protocol is also aimed at providing the necessary fund for ICT SMEs, to encourage and empower them to raise their business performance efficiency and develop their capabilities, the ICT Minister added.

    For his part, El Etreby stated that the protocol comes in the keenness of Banque Misr, a leading financial institution, to support and fund SMEs through its branches spread nationwide. This is in addition to providing funding mechanisms to cover the financial needs of the enterprises operating in different economic and services sectors, thus helping grow the national economy.

    El Gohary highlighted that ITIDA gives a high priority to promoting entrepreneurship and supporting SMEs, to create job opportunities for Egyptian calibers, serve Sustainable Development Goals (SDGs) and develop innovative technological solutions serving the digital transformation strategy and financial inclusion in Egypt.
    It is worth mentioning that Banque Misr is always keen on engaging in new initiatives and protocols targeting supporting projects, to help drive economic growth and attain sustainable development, thus reflecting on the welfare of the society.

    For his part, El Maghraby underlined that Banque Misr attaches great importance to SMEs, as it dedicates over 20% of its total funding portfolio to them. This comes in line with CBE directives and the State’s efforts for developing the SMEs sector to improve economic indicators, increase economic growth rate, promote the local product and reduce import bill.






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