FinTech

Baraka Bank Joins Nile Entrepreneurs Initiative through Business Development Services Center in Zagazig City

Baraka Bank announced its participation in the “Nile Entrepreneurs” initiative, launched by the Central Bank of Egypt in 2019 in collaboration with the banking sector, local entities, and international organizations to provide

technical and non-financial support to entrepreneurs, startups, and small and medium-sized enterprises (SMEs). This announcement coincides with the opening of a Business Development Services Center at the bank’s branch in Zagazig City, Sharqia Governorate.

The new center aims to provide non-financial advisory services to entrepreneurs, startups, and SMEs, making Baraka Bank the first Islamic bank to join the initiative. The opening ceremony was attended by representatives from the Central Bank of Egypt, including Mohamed Fayez, Deputy Director-General of the Banking Development Sector, and Dr. Ahmed Hosni, Head of Business Development Centers at the Nile Entrepreneurs Initiative, as well as from Baraka Bank, including Ahmed Sleiman, Head of SMEs Sector, and Noha Naseer, Head of Products and Business Development for the SMEs Sector.

Mohamed Fayez, Deputy Director-General of the Banking Development Sector at the Central Bank of Egypt, stated that the Nile Entrepreneurs initiative is one of the most important initiatives launched by the Central Bank in collaboration with the banking sector to provide non-financial services to entrepreneurs and startups, with the participation of various local and international entities to support innovative ideas and develop startups by providing comprehensive infrastructure for them.

He emphasized that the Central Bank aims to increase the participation of banks in the initiative to create a culture and incentive within the banking sector and to prepare the necessary infrastructure and mechanisms to provide advisory services, support, and guidance to entrepreneurs and enhance the efficiency of small projects.

Ahmed Sleiman, Head of SMEs Sector at Baraka Bank, stated, “We are proud to collaborate with the Central Bank of Egypt through the Nile Entrepreneurs initiative, and as the first Islamic bank to join the initiative, we aim to equip entrepreneurs and owners of small and medium-sized projects with non-financial services through the opening of a Business Development Center.

Our goal is to create new investments in all fields and build a new cadre of investors and entrepreneurs to achieve sustainable development for our society.”

He also explained that the new center offers a variety of services, including up to 9 services, with the most important being “Facilitating Access to Financing,” which involves preparing the credit file and required documents for the client to study the required financing, as well as educating them on dealing with various financing institutions.

Additionally, there’s the “Facilitating Registration and Obtaining Activity Licenses” service to assist clients in accessing registration information, steps, procedures, and required documents for activity registration and obtaining activity licenses.

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