Medbank has opened a Center for Business Development Services in Beni Suef Governor, to be the bank’s first center to support entrepreneurship, start-ups and small and medium enterprises, thus contributing to the development of their capabilities, and various to provide non-financial services that contribute to the development and growth of the business of this segment of customers.
It came within the framework of the Nile Pioneers initiative launched by the Central Bank of Egypt to provide non-financial support to entrepreneurs. The new center joined the network of branches of business development service centers affiliated to 12 banks, in addition the Ministry of Youth and Sport, bringing its number so far to 33 centers in 18 governorates.
The opening of the Business Development Center comes in the light of Medbank’s new strategy launched under the slogan “We work for your future”, which pays close attention to the support of small and medium-sized companies, through various banking solutions and banking and non- financial services that support the growth and expansion of these projects, contributing to the achievement of economic development.
The opening was attended by a number of Medbank leaders, including Iman Abu Zaid, Head of the Bank Credit and Syndication Sector at Medbank, Ahmed Medhat, Head of the Branch Network, Sales and Distribution Sector at Medbank, Ahmed Jaber, Assistant General Manager for Finance of small and medium projects at Medbank, and Mustafa Mounir, director of the small and medium enterprises division at the bank, the central bank, a number of central bank officials, and dr. Pioneer Initiative.
El Garhy: We believe in the importance of integrating banking and non-financial services to bring about economic development
Dr. Amr El-Garhy, CEO and Managing Director of Medbank, emphasized that small and medium-sized enterprises are one of the key axes of Medbank’s new strategy, given their importance in boosting the economy and providing jobs to young people.
Al-Garhy said Medbank is expanding the financing of small and medium-sized projects by providing banking solutions tailored to the needs of different segments of that sector, and non-financial and advisory services, support and guidance to entrepreneurs and small and emerging projects within the framework of the “Nile Pioneers” initiative.
Luqman: The initiative aims to provide non-financial services to entrepreneurs and promote the growth of start-ups, small and medium-sized enterprises
Sherif Luqman, Deputy Governor of the Central Bank for the Financial Inclusion Sector, in turn indicated that the Nile Pioneers Initiative is one of the key initiatives launched by the Central Bank in collaboration with the banking sector to promote non-financial services to entrepreneurs, start-ups and small businesses, with the participation of various local and international bodies, to support the owners of ideas Innovative projects and the development of emerging projects, by providing an integrated infrastructure for them.
The Central Bank aims to increase the base of banks participating in this initiative to create culture and motivation within the banking sector and to create the necessary infrastructure and mechanisms in it, to provide advisory services in terms of support and guidance to entrepreneurs and efficiency of small projects, in addition to other initiative programs to develop their capabilities, encourage local industry and support important economic sectors, especially sectors Agriculture and industry projects, and the encouragement of projects in the informal economy sector to move to the formal sector and benefit to draw from various financial and banking services.
Eman Abu Zeid: We are eager to take part in the Central Bank’s initiatives to raise the growth rates of the national economy and achieve Egypt’s Vision 2030
In a related context, Iman Abu Zaid, head of the bank credit and syndicated lending sector, congratulated her on the opening of the first business development center in Beni Suef governor, which is one of the largest industrial areas in Upper Egypt, and stressed that Medbank is keen to take part in the Central Bank’s initiatives and believes in the important role of the sector. The banking sector seeks to develop and support the national economy and achieve Egypt’s Vision 2030. It also sponsors the integration between banking and non-financial services, which has become an important pivot in the process of economic development. Therefore, Medbank’s ambitious strategy pays great attention to supporting entrepreneurship, emerging companies and small and medium enterprises.
Abu Zeid said: “Medbank is keen to help young people innovate and turn their ideas into real projects on the ground. Therefore, it is participating in the Nile Pioneers initiative by establishing a Business Development Services Center in the Beni Suef branch. , which provides a package of non-financial services for start-ups and small businesses.These centers aim to achieve the objectives of the initiative, which include the adoption of promising project ideas, the provision of technical and technical support for them, and sponsoring it at all stages until the ideas turn into projects on the ground, in addition to developing the capabilities of young entrepreneurs, supporting the strategy of women’s economic empowerment, encouraging local industry, technology and expansion In digital applications to to support the agricultural sector, which helps to increase the needs of the Egyptian market and jobs. ”
She added, “The new center offers a range of services up to 9 services, the most important of which is the facilitation of obtaining financing, by compiling the credit file and the documents required of the client to study the required financing. and to raise awareness of the methodology for managing financial institutions, and the service of ‘facilitating registration and obtaining activity licenses’. ” The center also assists the client with access to registration information from the steps, procedures and documents required to register the activity and obtain a license. practice, and the “new project idea creation service” aimed at enabling young people and potential entrepreneurs to identify feasible project ideas and evaluate the different stages of the project idea and ensure that they are suitable for implementation. ”
She continued, “Medbank pays a crucial stake in supporting entrepreneurship and small and medium-sized companies, as a sector of bank credit has been established at MedBank for small and medium-sized companies to expand in this field, and MedBank also provides several solutions for corporate clients, including the initiatives available from the Central Bank, including the financing initiative. At a rate of return of 5%, aimed at meeting the needs of small companies for working capital and capital expenditure financing initiative at a rate of return of 8% to finance both working capital, capital expenditure, expansion plans and new projects for medium-sized companies, in addition to the services provided by the Business Development Center in Beni Suef Governors, as Med Bank is financing the percentage of what to small and medium on companies are set to reach 25% by the end of 2022, according to the Central Bank’s instructions in this regard.
Ahmed Jaber, Assistant General Manager for Small and Medium Enterprise Finance at Medbank, added that the bank’s participation in the “Nile Pioneers” initiative is one of the steps the bank has taken as part of its small and medium expansion strategy. business sector clients, by providing non-financial services and creating sales opportunities. By connecting the sector’s clients with some large companies within the bank’s portfolio, providing various training programs and consulting services, in addition to other services that provide added value to clients of small and medium-sized companies.
Medbank has developed an ambitious strategy to expand in the field of small and medium-sized companies, in addition to implementing an updated business model that focuses on the effective management of customer relationships in line with market developments and the requirements of different segments of companies, based on the latest global methods applied in the leading countries in the field of service and financing of small businesses. and medium, in order to serve Medbank’s direction to expand in this area, and in line with the support and directions of the Central Bank in this regard.