Arab Finance: The Projects Development Authority and the Bank of Egypt signed a new contract with a total of 200 million pounds from the agency in order to support small projects and provide working capital. Mr. Basil Rahmi, CEO of the Projects Development Authority, and Mr. Ahmed Issa, the Executive Vice President of Bank of Egypt, were signed, according to what came In a statement cabinet.
For his part, Amr Demerdash, head of the small and medium enterprises sector of Banque Misr – said, “The signing of the Bank of Egypt for this contract comes within the framework of its keenness to finance and support projects with different sizes by providing distinct financing mechanisms that meet all financial and non -financial needs of projects in various economic activities, where the bank attaches great importance to consolidating the concept of entrepreneurship, and the bank is always keen to support the state's efforts to enhance the role of projects as the spine For Egyptian economic growth.
This is by entering into many initiatives and protocols that aim to expand the financing of the project sector and help them to grow, which enhances increased production, providing job opportunities and advancing economic growth, in addition to including the informal economy of the official economy, which reflects positively on the indicators of the economy and increased economic growth rates. “
Rahmi explained that the new financing contract signed with Banque Misr will contribute effectively to providing the necessary funds for projects on its various diversity throughout the Republic, by taking advantage of the network of the major branches that the bank enjoys, noting that the focus will be in granting financing to industrial and productive projects, within the framework of implementing the directives of Dr. Mustafa Madbouly, Prime Minister and Chairman of the Board of Directors of the Projects Development Authority to enable local products and establish more small projects To provide decent and sustainable job opportunities for young people, especially new graduates.
The CEO of the Project Development Authority indicated that it is also expected that a portion of the funds will be directed to business entrepreneurs in order to ensure the provision of various aspects of women, especially those with projects or those who want to establish new projects, in addition to the contribution of new funds in reconciling the conditions of more projects and annexing them under the umbrella of the official sector to facilitate their benefit from the advantages and facilities contained in the project development law.
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