NilePreneurs, one of the initiatives of the Central Bank of Egypt (CBE), has offered nearly EGP 4.4bn worth of financing to about 6,000 small and medium enterprises and entrepreneurs since its launch in July 2019 until June 2023.

Ahmed Hosny, Director of the Business Development Service Centres at NilePreneurs, said that the programme is currently considering other applications submitted by more than 3,000 projects and entrepreneurs to obtain financing worth EGP 3.7bn, in preparation for applying for the necessary financing. Within the framework of the continuous support of CBE, the initiative aims to encourage the youth and provide them with opportunities to start new projects and further develop their current projects.

The Business Development Service Centers provided about 350,000 various services to over 145,000 clients, including 30% women. It also helped about 8,600 beneficiaries establish a new project, and provided about 18,100 financial analysis services for owners of ideas, projects and entrepreneurs, in addition to 49,000 project that received elaboration services of the projects’ concept.

Hosny indicated that the program provided more than 18,700 services facilitating activity registration and obtaining licenses, 123,000 awareness and education services, over 46,000 feasibility studies and training services for more than 49,000 entrepreneurs, and 21,600 networking opportunities in the market.

He explained that the Business Development Service Centres of NilePreneurs are working to achieve financial inclusion strategy as directed by CBE, in cooperation with banks. It will introduce and educate entrepreneurs and project owners about financing products, whether in banking or non-banking financial institutions. It will also help them prepare their credit files and educate them on how to manage bank accounts and deal with electronic payment methods, digital services and good credit rating factors.

The number of banks participating in the initiative has increased to 15 banks, through their participation in the Business Development Service Centres affiliated with the initiative. 

The list of these banks includes CIB, the United Bank, QNB Alahli, Suez Canal Bank, the Export Development Bank of Egypt, Attijariwafa Bank, Housing and Development (HDB), the Nasser Social Bank, and Industrial Development Bank.

He pointed out that three other banks will be joining the initiative soon. These are Alexandria Bank, the Arab Investment Bank, and Al Baraka Bank. 

Hosny pointed out that the number of business development centers and units affiliated to the initiative has increased to 76 centres and units across 23 governorates in Egypt. More governorates will be included soon.