The signing of the cooperation protocol was witnessed by Prof. Dr. Ashraf Sobhy, Minister of Youth and Sports, Mr. Mohamed El-Etreby, Chairman of Banque Misr, Mr. Hisham Okasha, Chairman of the Board of Directors of the National Bank of Egypt, Mr. Alaa Farouk, Chairman of the Board of Directors of the Agricultural Bank of Egypt, and Mr. Sherif Loqman, Deputy Governor for Financial Inclusion at the Central Bank of Egypt.

The protocol establishes a partnership between the Ministry of Youth and Sports and the three banks under the auspices of the Central Bank of Egypt, with the goal of supporting small projects by providing necessary financing to exploit investment opportunities provided by the Ministry of Youth and Sports. These opportunities are found in youth centers, which encompass facilities like event halls, nurseries, swimming pools, five-a-side playgrounds, gyms, and others.

Prof. Dr. Ashraf Sobhy, the Minister of Youth and Sports, emphasized the importance of President Abdel Fattah El-Sisi's directives regarding the shift towards a culture of financial inclusion. This shift is achieved through cooperation with the Central Bank of Egypt. Sobhi noted the presence of 885 ATMs for banks within youth centers across all Egyptian governorates. The Minister praised the banking sector for supporting Egyptian sports and youth, as exemplified by the allocation of approximately 35 million pounds to Egypt's Olympic champions in Tokyo, which contributed to their excellent performance in the tournament. This support will continue for Egyptian athletes preparing to compete in the qualifiers for the 2024 Paris Olympics.

The Minister highlighted that the protocol's goal is to finance investment projects in youth centers. He emphasized the Ministry's commitment to encouraging investment in these centers, supporting small investors, and attracting them to invest in youth and sports fields in accordance with existing financial systems.

The Ministry of Youth and Sports has played a significant role in investing in Egyptian youth through initiatives like "Develop and Change" and "Stand Up to Us." The banks have supported the Ibdaa project, one of the Ministry's initiatives for youth.

Mr. Mohamed El-Etreby, Chairman of Banque Misr, congratulated Dr. Ashraf Sobhy on his well-deserved victory in the presidency of the African Union of Universities, recently held in Johannesburg, South Africa. He expressed gratitude to the bank heads who participated in drafting the protocol. El-Etreby reaffirmed the bank's commitment to collaborating with the Ministry of Youth and Sports and supporting all projects initiated by the Ministry.

Mr. Mohamed El-Etreby, Chairman of Banque Misr, emphasized that the signing of this protocol is a significant step in achieving Banque Misr's strategy to support the medium, small, and micro-enterprises sector. The bank places great importance on this sector by providing both financial and non-financial services to meet customer needs. The bank was among the first to comply with the Central Bank's requirements, and its portfolio for small and medium enterprises reached 27.5% of the bank's total credit portfolio by the end of December 2022, positively impacting the national economy.

El-Etreby pointed out that this initiative aligns with the directives of the Central Bank of Egypt and the state's efforts to promote this sector. The aim is to enhance economic indicators, boost economic development rates, encourage local production, and reduce the import bill. Through business development centers, the bank has offered about 42,000 non-financial services to entrepreneurs and project owners, unlocking the potential of young individuals, increasing the number of small and medium enterprises, and promoting startups in targeted economic sectors. Banque Misr's values and strategies always reflect its commitment to the sustainable development and prosperity of Egypt.

Mr. Sherif Luqman, Deputy Governor of the Central Bank, emphasized the Central Bank's dedication to supporting youth, entrepreneurship, emerging projects, and small enterprises. Young people between the ages of 16 and 35 represent 55% of the population aged 16 and over. The geographical spread of youth and sports centers, which number over 5,000 across Egypt, is being leveraged to promote financial inclusion and foster financial literacy among all segments of society. This will stimulate entrepreneurship, building on the ongoing cooperation with the Ministry of Youth and Sports.

The protocol's objective is to support entrepreneurship and micro and small enterprises in the sports investment field by providing necessary financing from the banks. This initiative aligns with the Central Bank and the banking system's belief in the importance of enabling young individuals to access financial and non-financial products and services. The goal is to achieve sustainable development, increase job opportunities, reduce unemployment rates, eliminate poverty, and encourage investment, in line with the state's objectives and Egypt's Vision 2030.