The launch of the new program comes under the umbrella of the CBE’s program to support the SMEs, where the “Daman” program will provide the necessary credit facilities associated with the expansion of the work volume or the establishment of a new project accompanied by a targeted employment rate.

CGC expects that the total volume of work will allow the credit portfolio of the program to reach around EGP500 million over the next five years, which will contribute to creating nearly 450,000 new job opportunities.

The participation of Mashreq Bank – Egypt in the program is a continuation and enhancement of its commitment to the societies it operates in, as the program aims to enhance the use of modern technologies through the digital communication platforms of the initiative, to provide job opportunities for the Egyptian youth in different governorates.

The Bank plays a pivotal role, in cooperation with the Credit Guarantee Company, in supporting and financing projects especially those who aim at providing new job opportunities for youth. Mashreq Bank – Egypt is also one of the first participating banks, which confirms the bank’s keenness to support the SMEs sector and to provide the necessary financing for various sectors, to enhance the employment rate and create new opportunities.

In this regard, Mr. Amr El Bahey, CEO of Mashreq Bank – Egypt, said: We are proud of our continuous contribution and our effective role in the various initiatives proposed by the Central Bank of Egypt, especially that the “Daman” program aims at increasing the funds directed to SMEs and provide opportunities and a wide range of training programs to develop the skills required for youth, and the bank’s participation is an important step in the bank’s journey towards supporting and developing the communities in which it operates and supports the national economy. We look forward to achieving one of the most important sustainable development goals, which comes in line with the Bank’s vision.”

From his side, Mr. Ahmed Mubarak, Head of SMEs Department at Mashreq Bank – Egypt said, “The bank, in cooperation with the “Credit Guarantee Company (CGC)”, will provide excellent opportunities for various sectors, as the bank will work to provide the necessary financing for companies that meet the program’s terms & conditions. Its growth plan includes providing job opportunities for young people who desire to enhance their expertise & develop their skills, in addition to encouraging business owners to establish new “Startups” projects and attracting new economic activities and investment opportunities to the governorates.

It is worth mentioning that the program’s initiatives will be activated in all governorates of the republic based on a market study and identification of economic activities that characterize the region, given that the program will be kicked off in Qena governorate as an initial step, and this comes in line with the direction of the Central Bank of Egypt’s initiative for SMEs.