Egypt’s BDC seeks 35 entrepreneurs support centres by end-2019

Egyptian state-run lender Banque du Caire seeks to increase the number of entrepreneurs support centres to 35 centres by the end of 2019 as part of the Central Bank of Egypt initiative,  its chairman Tarek Fayed said.

He further told Amwal Al Ghad that Banque du Caire has now 11 entrepreneurs support centres adding that CBE has launch a national initiative to support entrepreneurs and small and medium enterprises under the name of “Nilepreneurs”.

He also added that the bank has pumped  total finances of 11 billion Egyptian pounds into SMEs and micro enterprises accounting for 17 percent of the total credit portfolio.

Fayed pointed out that the bank aims to increase the percentage of funding directed to the SMEs to about 20 percent by the end of this year 2019.

The CBE is funding the initiative which is implemented by  Nile University  according to a five-years agreement aimed at developing, qualifying and increasing the capabilities of young entrepreneurs in small and medium enterprise and enhancing domestic output.

This initiative increases the contribution of the banking system to the development of business and the development of small and medium enterprises and encourage young people to make the culture of entrepreneurship a reality on the ground.