Entity Responsible For SMEs Is Important:Soha Soliman

Soha Soliman, Head of SMEs at National Bank Of Egypt (NBE), highlighted the bank’s future vision which is represented in the importance of establishing a coordination council or an entity responsible for the organizational and financing affairs for the sector.

Soliman said there are two mechanisms for supporting SMEs. The first is setting a unified notion for SMEs by surveying, mapping and categorizing them as well as facilitating procedures and standardizing products. In addition, there shall be atmosphere of commitment based on flexibility, integration, efficiency and initiative.

The second mechanism is introducing new financing products such as financial leasing, capital sharing, securitization and increasing tapping from NILEX.

Soliman said that the main problem facing SMEs is qualifying them to get finance which necessitates providing them with consultations and technical support.

Soliman asserted on the importance of training people working in SMEs on financial issues such as preparing financial statements and doing feasibility studies and providing legal aid in establishment, registration, and other services that necessitates support from concerned bodies which are: Egyptian Banking Institute, local and international training centers, accounting offices, General Authority for Investment (GAFI), Social Fund for Development (SFD) and Industrial Development Authority.