NBE To Provide Vocational Training For SMEs

The National Bank of Egypt (NBE) will be the first bank in Egypt to venture into the sector of vocational training of SMEs in the upcoming period.

NBE targets to create the framework of cooperation between the bank and the concerned bodies which will offer the vocational training for SME sector through signing a number of cooperation protocols with local and foreign institutions, said Soha Soliman, head of SME finance department at NBE.

The bank also plans to establish a new financial and technical consultations department to offer advice for SMEs. NBE is in talks with a number of international institutions such as the European Bank for Reconstruction and Development and German Development Bank (KfW Entwicklungsbank) to receive the finance needed for SMEs.

NBE’s portfolio of SME finance stood at EGP 8.6 billion at the end of June 2012 after providing about 8,700 SMEs with EGP 3.2 billion in FY 2011/2012. The total number of the bank’s SME customers reached 33,000.