ILO and National Bank of Egypt partner to empower small and medium enterprises

Cairo (ILO News)– In a strategic move towards financial inclusion and sustainable economic growth, the International Labour Organization (ILO) and the National Bank of Egypt (NBE) have signed an agreement to enhance support for micro, small and medium enterprises (MSME) in Egypt. This partnership underscores a shared commitment to fostering investment opportunities and supporting Egypt's economic growth.

Eric Oechslin, Director of the ILO Cairo Office, hailed the partnership as a strategic milestone, and praised NBE’s dedication to innovation and sustainability within the MSME sector. “This collaboration will leverage the ILO’s technical expertise to provide targeted support to MSMEs. By implementing programmes such as “Improve Your Business” and “Digitalize Your Business,” we will equip our beneficiaries with the necessary skills, knowledge, and resources to thrive in today’s dynamic economic environment,” Oechslin remarked.

Oechslin expressed optimism about the partnership's potential to create lasting impact, adding "Together, we can and will make a meaningful difference. I look forward to witnessing the positive transformations this partnership will bring to the lives of many."

Soha El-Turky, Deputy Chief Executive Officer of NBE, emphasized the bank’s enthusiasm for the partnership and its significance in fostering entrepreneurship and skill development. "This partnership reflects our dedication to providing a supportive environment for entrepreneurs, particularly in technical industrial sectors such as leather and marble. It also extends to empowering youth and women entrepreneurs, enabling them to make tangible impacts on Egypt’s economy. This collaboration marks a pivotal step in our efforts to innovate and integrate solutions that address the unique needs of this vital sector," she said.

Emad Farag, Head of the MSME Department at NBE, highlighted the bank’s commitment to offering comprehensive financial and non-financial services. He noted that the partnership with the ILO builds on the success of NBE’s Business Development Centres, which support current and prospective clients. “Through this partnership, the ILO will provide technical expertise by organizing specialized workshops aimed at strengthening the capacity of MSMEs. These efforts are integral to achieving sustainable growth and fostering innovation across the sector," Farag added.

This strategic alliance between the ILO and NBE is poised to drive significant advancements in Egypt’s MSME sector, paving the way for a more inclusive and robust economic future.