Last week, the National Bank of Egypt (NBE) signed a memorandum of understanding with the Arab Academy for Science, Technology, and Maritime Transport to support, fund and build the capacity of youth, entrepreneurs, and innovators to set up start-ups.
According to Hesham Okasha, chairperson of the bank, this MoU seeks mainly to strengthen cooperation between the NBE and AAST in financing start-ups, particularly in the field of technology, supporting sectors supporting entrepreneurship, and providing business development services for small enterprises.
He added that the areas of cooperation between the two sides include incubators and accelerators programmes, Entrepreneurship Rally, non-financing services, automation of payments, and training.
Okasha pointed out that the signing of the MoU comes within the framework of the continued support of the National Bank of Egypt to the state, to build, develop, and fund youth entrepreneurs with innovative ideas, which are consistent with the vision of Egypt 2030.
According to Yehya Aboul Fotouh, vice chairperson of the bank, activating this MoU includes forming a joint committee between the bank and the academy to facilitate work and follow up on implementation. The bank provides the necessary support for the training programmes of the investments and funding start-ups, which is part of the incubator and accelerators programme at the academy. The NBE will also promote joint programmes through its networks and accounts on social networking websites.
He added that the Academy will introduce students to the objectives of this cooperation, using the teaching staff of the Academy and through its Entrepreneurship Centre, in addition to providing training places, guidance, and logistics.
The academy will also provide consultancy and technical support for the growth of companies for six- months per round, along with nominating entrepreneurs from AAST graduates to receive financing for projects or expand existing ones.