$30 trln in additional investments required to achieve net zero in 8 hard-to-abate sectors
The Net Zero Industry Tracker 2024 estimates that $30 trillion in additional capital will be required across ...
Attijariwafa Bank Egypt launches 1st business development center under Nile Preneurs Initiative
Attijariwafa Bank Egypt launched the first business development center under the Nile Preneurs Initiative – which is sponsored by the Central Bank of Egypt (CBE) to support small enterprises and startups in targeted economic sectors.
The center is part of bank’s plan to positively contribute to Nile Preneurs Initiative via establishing centers for business development in its branches to offer non-financial services to improve the investment climate of the small and medium sized enterprises.
The centers will also contribute to raising awareness about the diverse banking services and establish a link between youths and entrepreneurs to sponsor innovative ideas.
CBE Deputy Governor Lubna Helal said the initiative is complementary to other financing overtures spearheaded by the CBE to give momentum to the Egyptian economy and develop society.
She added that the Nile Preneurs Initiative underscores the key role played by the banking sector to buttress the government and the CBE in encouraging small and medium sized enterprises, entrepreneurship and digital transformation to increase local products competitiveness, and, hence, boost exports.
Meanwhile, the CBE’s undersecretary for banking sector development Nermin el Tahri hailed the effective contribution of Attijariwafa Bank Egypt to the Nile Preneurs Initiative, adding that the step taken by Attijariwafa Bank Egypt would catalyze other banks to offer more non-financial services and exert more efforts to overcome the challenges besetting small and medium sized enterprises, like feasibility study and marketing.
For her part, Hala Saqr – who has been recently nominated to be board chairperson of Attijariwafa Bank Egypt – said the bank has been keen since working in Egypt to lay down a comprehensive strategy to cater for social and economic goals and realize sustainable economic development.
Within the framework of promoting SMEs, the bank launched the Africa Development Club in Egypt to open the door for SMEs in Egypt to access African markets.
Meanwhile, Hisham el Saqqa , the managing director of Attijariwafa Bank Egypt, said the initiative is one of the important steps within the context of the bank’s strategy to promote SMEs, hailing the services due to be offered by the business development centers to meet the needs of clients and support entrepreneurs.
Nile Preneurs Initiative aims to prop up government efforts to realize sustainable economic development based on SMEs and entrepreneurship with the participation of all the bodies concerned in order to secure integrated infrastructure and encouraging business environment.
The initiative is meant to increase the input of small and medium sized enterprises to the Gross National Product, increase the number of companies, create job opportunities, increase exports, down imports and create an encouraging environment for innovation and creativity.
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