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Five banks sponsor projects under Nile Preneurs business incubation program
Five banks are sponsoring innovative youths and entrepreneurs under the Nile Preneurs initiative – which is funded by the Central Bank of Egypt (CBE), Chairman of the Nile Preneurs business incubators program Mohamed Abbas said.
The program has received over 800 innovative ideas and projects seeking to win the support of the Nile Preneurs initiative.
The QNB Alahli, Export Development Bank of Egypt, Suez Canal Bank, Housing and Development Bank and the CBE support about 200 innovative ideas and projects out of total 800 applicants to attend a training camp in order to present their ideas to judging panel, he added.
Out of these 200 ideas, about 74 ideas will be chosen to be sponsored by the business incubators program, he said.
Nile Preneurs is a national and fast growing initiative launched in February 2019 to be part of the pivotal efforts exerted by the CBE to support all economic and productive sectors, especially small businesses and entrepreneurs.
The initiative seeks to encourage innovative youths and entrepreneurs through securing all needed information and honing their competitive skills to join the market.
The initiative is collaborating with the Planning Ministry, the Academy of Scientific Research and Technology, the Micro, Small and Medium Enterprises Development Agency (MSMEDA), banks and other partners.
He said the initiative’s business incubators program offers services to entrepreneurs and emerging companies during and before the incubation period.
The program organizes technical and administrative training camps for selected applicants that will soon join the incubation.
The incubation program offers financial support as well as advice and training to help emerging companies develop their products and market them.
The program also helps these nascent firms in networking with customers and investors in addition to getting a boon from the program’s various potentials, he said.
The program has sponsored during one year 70 emerging companies operating in the various fields, including manufacturing smart and multi-purpose furniture, construction materials made of recycled and innovative components, as well as packaging, technological applications and medical services.
This has secured more than 350 direct jobs in several governorates.
Abbas noted that there are many stories of success of companies that were backed by the initiative’s business incubation program as 80 percent of these companies managed to start selling its products during the final stage of the incubation period.
Some incubated companies managed to offer remarkable solutions during the coronavirus crisis, like a mobile application that track down coronavirus cases and their surroundings and this project ranked number one in a national contest and is being implemented under the patronage of several ministries, governmental and private agencies and Egyptian universities.
There are other stories of success of projects backed by the business incubation program, as emerging companies have designed an administrative system for small and medium sized companies, he said.
This administrative system was provided to more than 400 for small and medium sized companies.
Another company offered medical services and advice at home.
The Nile Preneurs business incubators program plans to sponsor during the current year more than 50 nascent companies in the fields of furniture, sustainable development, recycling, packaging, technological application and websites.
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