Central Bank of Egypt seeks to increase of the number of business development centres to 100 centres as part of “NilePreneurs” initiative, Nermine El Tahri, Sub-Governor Banking Reform Sector said.
The initiative, which is funded and sponsored by the CBE to support small enterprises and startups in targeted economic sectors, aims to launch small factories for plastic, electronics and metal products to support innovative projects , and the first factory will be open in September, she added.
NilePreneurs deploys the latest technological applications to provide technical and administrative support. The initiative also aligns and coordinates with the ecosystem to support domestic products and increase their competitiveness.
The initiative currently includes 12 banks after HSBC joined, rising to 13 after Nasser Social Bank joined, adding that it is expected to include two other banks before the end of this year.