Arab Finance: The Egyptian Export Development Bank (EBank) announced its sponsorship of the “Shark Tank” program in its third season, which will be shown in 19 episodes starting October 16, 2024, in line with the bank’s 2022-2027 strategy to support small and medium enterprises for exporters and non-exporters.
EBank's sponsorship of the program includes a range of supporting solutions for participating entrepreneurs, including two golden tickets for the two most prominent projects of the contestants.
This year the package includes: Waiver of account opening fees, local currency check fees, online banking fees (monthly subscription / software codes / hardware codes / ACH), local transfer fees, account maintenance fees, and special account minimum balance fees. Company, electronic finance transaction fees (taxes, insurance, customs payments), and payroll fees. These features enable and encourage entrepreneurs to complete their operations and contribute to expanding their businesses.
EBank prioritizes financing small and medium enterprises, as it recognizes that these companies are the backbone of the Egyptian economy.
The Bank is particularly focused on supporting these companies by establishing an independent sector to serve them in cooperation with the International Finance Corporation (IFC), which represents the financing arm of the World Bank.
This sector specializes in financing small and medium enterprises whose annual sales range between 1 and 200 million Egyptian pounds. Financial and non-financial support is provided to these companies in various economic sectors (industrial, agricultural, commercial, and service), especially the export activities practiced by these companies.
In this context, Dr. Ahmed Galal, Chairman of the Board of Directors of the Egyptian Export Development Bank (EBank), spoke about the bank’s efforts in supporting and enabling entrepreneurship, saying: “We are happy to sponsor the “Shark Tank” program for the second year in a row and provide golden tickets to promising companies, with the aim of providing the necessary support they need.” Small and medium enterprises to expand the scope of their projects and contribute to the growth of the Egyptian economy.”
He added, “This is in line with our efforts to empower the SME sector and our support for Egypt's Vision 2030 regarding empowering entrepreneurship, localizing industry, and promoting exports.”
The decision of the Export Development Bank of Egypt to sponsor the third season of the “Shark Tank” program was a strategic decision, built on the success of the bank’s sponsorship of the program in the previous season. The bank succeeded in supporting a larger number of entrepreneurs and small and medium-sized companies, and strengthening its business profile by attracting more clients from these companies, so that the bank’s balance became rich with new entrepreneurs and exporters. It contributed to the successful development of their businesses in the internal and external markets, through support and provision. Financial and non-financial services for these companies.
It is worth noting that EBank provides bank financing to entrepreneurs to support the growth of small and medium enterprises by improving their ability to invest and expand.
The bank provides increased access to capital through loans and credit facilities, helping businesses obtain the necessary financing to expand their business and purchase equipment.
It also contributes to improving financial liquidity to enable fulfillment of obligations, and enhances investments in expansion, research and development. In addition, it works to improve financial management practices and provides advice and technical support, which helps projects grow and develop, as part of its strategy to contribute to strengthening the Egyptian national economy.
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