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Banque Misr continues to support entrepreneurs, launches a new program for participatory innovation with startups

Aug 16, 2022 01:56 PM

Banque Misr recently launched the BM Acceleration Program to accelerate the growth of startups with the participation of 10 startup companies. This was announced during a ceremony that was held on Monday, July 25th, 2022, in the presence of Mr. Mohamed El-Etreby - Chairman of Banque Misr, and Isabelle Bepierre, Director of International and European Affairs, the French General Investment Bank, as a guest of honor. The ceremony was sponsored and attended by representatives of the Central Bank of Egypt, as well as representatives of Banque Misr’s executive management and heads of various sectors in the bank, in addition to the presence of representatives from Microsoft and Greenstone South Africa, the executive partners of Banque Misr’s program for the growth of startups, and a group of international and local strategic partners of the program.

The start-up companies submitted the final offers of their innovative work and solutions before a committee was formed to select the companies that will be announced to join the program, which will last for 6 months, and is aimed at supporting the startups, and letting them benefit from a package of marketing, advisory and investment services, providing work spaces for companies and opportunities for partnerships with the Bank.

In his speech during the ceremony, Mr. Mohamed El-Etreby confirmed, “Bank Misr gives entrepreneurs and startups all the necessary support to help them grow and overcome all the obstacles they may face. Today, we launched the Banque Misr program for the growth of startups specialized in providing technical, investment, and marketing support services to companies that will be selected to join the program. We also affirm the continued role of Banque Misr in supporting entrepreneurs and startup companies, especially in light of those times that suffer from global conditions that greatly affect the country's economy.

Mr. Mohamed El-Etreby also referred to the participatory innovation program for startups, which was launched in early 2020. This program is one of the main pillars of Banque Misr’s comprehensive strategic transformation program, which includes the comprehensive digital transformation system within the bank, the launch of the first digital bank and the launch of a fund Investment (NCLUDE) for emerging companies in cooperation with several other banks, stressing that the value of the program lies in the technical, advisory and marketing expertise, which the bank will provide through its various departments and its network of branches spread throughout the country.

Mr. Akef El-Maghraby, Vice-Chairman of Banque Misr, explained, "The launch of Banque Misr's startup growth program today is an essential part of the main efforts confirming Egypt's role as a regional center for start-ups. It also represents an important link to make Egypt a permanent interface for attracting capital investments. Collaborating with startups helps change the future of finance and business in Egypt and solidifies our commitment to digital transformation and developing the local market.”

Mr. Akef Al-Maghraby added, "Banque Misr, as a major financial institution, will cooperate with the startups participating in the program by identifying modern innovation mechanisms and rapid production methods for products and by providing solutions based on accurate knowledge of customer needs. The startups joining the program will also benefit from a financial investment package and technical support from the various experienced groups working at Banque Misr and will discover new opportunities for partnerships with Banque Misr that will help them achieve faster growth.”

It is worth noting that Banque Misr attaches great importance to the enterprise sector of all sizes and to consolidate the concept of entrepreneurship as the engine of economic growth. Therefore, the Bank has opened a number of business development service centers, with the aim of supporting entrepreneurs, unleashing the potential of youth and increasing the number of small and medium enterprises, encouraging emerging and established companies in the targeted economic sectors in order to promote local products through a national industry that has the ability to compete and conquer new markets internationally.