By : Bakinam Khaled

The National Bank of Egypt signed a cooperation protocol with B.TECH to support micro, small and medium enterprises.

The agreement was signed by Yehia Aboulfotouh, Deputy Chairman of the National Bank of Egypt, and Dr. Mahmoud Khattab, Chairman and Managing Director of B.TECH, in the presence of Mohamed Khattab, Chief Transformation Officer at B.TECH, Mohamed Abdel Hamid, Head of the Business Sector at B.TECH, Tariq Hassan, Group Head Small and Medium Enterprises Group at the National Bank of Egypt, and employees from both sides.

Following the signing, Yehia Aboulfotouh, Deputy Chairman of the National Bank of Egypt emphasized the leading and growing role of the bank in expanding and supporting financial inclusion plans and developing financing solutions for all segments and sectors in line with its strategy that aims to finance national developmental projects, and small and medium enterprises as the cornerstone for advancing economic growth and development in Egypt. He highlighted that this will eventually contribute to providing new job opportunities and increase the gross domestic product (GDP).

He added that the National Bank of Egypt always supports entrepreneurs, whether emerging ones or those who already play a significant role in the development of the Egyptian economy, as the bank is keen on providing all financing requirements necessary for the different financing needs either as short or medium-term loans.

Commenting on the cooperation protocol signing with the National Bank of Egypt, Dr. Mahmoud Khattab, Chairman and Managing Director of B.TECH, stated: “B.TECH pays great attention to small and medium enterprises given the tremendous opportunities this sector offers in terms of growth and job creation, especially in the retail and e-commerce field. The cooperation with the National Bank of Egypt comes within the framework of the Egyptian state's strategy to support and develop small and medium enterprises. This cooperation will enable us to expand our scope of services offered to merchants by enabling trading in home appliances for micro, small and medium enterprises in addition to providing special financing tools for the owners of these projects. This marks an important step in our strategy to develop the various business sectors and contribute to enhancing the services offered to Egyptian merchants.”

For his part, Tariq Hassan, Group Head Small and Medium Enterprises Group

at the National Bank of Egypt, emphasized that the protocol is an extension of the National Bank of Egypt’s efforts to provide financial and non-financial solutions to meet the needs of its customers and contribute to the development of SMEs across all sectors through its tailored financing solutions including what was outlined in the Central Bank of Egypt’s initiatives to secure financing for SMEs.

He added that signing this protocol would provide the owners of micro, small and medium enterprises with the necessary financing to purchase electrical devices and equipment from B.TECH, which enhances the convenience and efficiency of operations. This will also create growth opportunities for running businesses, secure financing, advisory, and training services for them, and enable merchants to benefit from the company's extensive experience in the electrical equipment and devices sector.

Companies will also receive letters of credit and guarantee to help them achieve sustainable growth in various sectors through specialized units in the bank’s branches located across all governorates.