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Daily News Egypt

2 hours ago

• Daily News Egypt

MSMEDA signs EGP 30m financing agreement with ‘Flind' to support SMEs

The Medium, Small and Micro Enterprises Development Agency (MSMEDA) has signed a new EGP 30m financing agreement with Flind, a licensed digital non-bank financial institution, to expand support for small and medium-sized enterprises (SMEs) across Egypt. The agreement is funded by the World Bank through its Entrepreneurship Support for Job Creation project. The signing was witnessed by MSMEDA CEO Bassel Rahmy, and formalized by Osama Bakry, Head of the Central SME Financing Sector at MSMEDA, and Ahmed Zaky, Managing Director of Flind. Also in attendance were Mohamed Medhat, Deputy CEO of MSMEDA, along with senior representatives from both organizations. Rahmy emphasized that MSMEDA remains committed to increasing access to finance for SMEs in all governorates, particularly in industrial and production sectors. He noted that the agency is working to diversify financing channels—either through direct lending or via partnerships with intermediaries—to facilitate easier, broader access for business owners across the country. 'The agreement with Flind aims to support the development and expansion of existing SMEs by providing funding for growth, asset renewal, and productivity enhancement. It also helps create sustainable job opportunities, particularly for youth, women, and recent graduates,' Rahmy said. The financing package will offer loans starting at EGP 100,000 and reaching up to EGP 5m, tailored to project requirements. Flind's Managing Director Ahmed Zaky expressed his enthusiasm for partnering with MSMEDA, highlighting the importance of using advanced digital tools to deliver fast, fair, and flexible financing to SMEs. He added that Flind is the first licensed digital non-bank financial institution by the Financial Regulatory Authority (FRA) dedicated to SME financing. Zaky stated that Flind aims to inject EGP 1bn into the SME sector during its first year of operations, focusing primarily on short-term loans. 'Through simplified digital procedures and an inclusive financing model, we're working to close the funding gap that still limits SME growth in Egypt,' he said. This partnership marks a significant step toward digitalizing SME finance and promoting economic development through targeted support for small businesses—key drivers of employment and production in Egypt.

bnok24

3 hours ago

• bnok24

Emirates NBD Egypt Wins the Prestigious 'Best Bank for Cash Management - North Africa 2025' Award from The Digital Banker

Emirates NBD Egypt has proudly awarded the title of 'Best Bank for Cash Management – North Africa 2025' by The Digital Banker a global recognized publication that honors excellence in financial services and digital banking innovation. This prestigious recognition reinforces the bank's ongoing commitment to delivering advanced, customer-centric cash management solutions. It also aligns with the bank's strategy to expand its presence in the Egyptian market by offering integrated, innovation-driven banking services, backed by extensive local and regional expertise This distinguished award underscores the bank's continued efforts in offering seamless, technology-driven cash management services designed to meet corporate clients' dynamic needs, through Emirates NBD cutting edge digital platform 'businessONLINE' that is designed to help corporate customers to manage their cash and liquidity in a secured and most efficient way. In this context, Amr El Shafei, CEO and Managing Director of Emirates NBD Egypt, stated: 'We are honored to receive this esteemed award, which stands as a true testament to the effectiveness of our strategy and our pivotal role in supporting corporate growth across Egypt and the region. Our ambitious strategy and continued investment in digital transformation have enabled us to create real value for our customers and stay ahead of rapid changes in the financial sector.' He added: 'At Emirates NBD Egypt, we remain focused on driving further growth by accelerating digital transformation and offering smart cash management solutions tailored for corporates, reaffirming our leadership in the Egyptian banking sector and our position as a trusted financial partner'. Tamer Ragheb, Head of Corporate and Institutional Banking at Emirates NBD Egypt, commented: 'This recognition is a testament to the dedication of our teams and our deep understanding of evolving business needs. At Emirates NBD Egypt, we take pride in delivering smart, integrated financial solutions that drive our corporate customers' business growth and financial stability. By working closely with our customers, we provide strategic, tailor-made financing models that empower their ambitions and help them achieve long-term, sustainable development impact.' In addition to this accolade, Emirates NBD Egypt received an additional award recognizing its excellence in digital transformation, the 'Outstanding Digital CX – Mobile Banking – Egypt' award, from The Digital Banker. This honor highlights the bank's ongoing efforts to deliver a smooth and secured mobile banking experience through its mobile application, driven by continued investments in technology infrastructure and enhanced digital capabilities to meet evolving customer expectations and ensure seamless banking services. These achievements are underpinned by the bank's strong financial performance in 2024, during which the bank recorded an exceptional 64% growth in net profit, reaching EGP 5.3 billion. Additionally, net trading income recorded a remarkable growth of 192% compared to the previous year, demonstrating the bank's resilience and operational efficiency in delivering robust financial performance. Building on this success, the bank maintained its positive momentum in the first quarter of 2025, achieving EGP 1.4 billion in net profit, compared to EGP 1.1 billion in the same period of 2024, marking a 31% increase. Net interest income also rose by 16% to reach EGP 3 billion, compared to EGP 2.6 billion in Q1 2024, a testament to the bank's consistent and sustainable performance in Egypt's banking landscape. Since entering the Egyptian market in 2013, Emirates NBD Egypt has firmly established itself as a trusted financial partner, leveraging its deep regional expertise and a forward-thinking strategy to drive economic growth. The bank offers an integrated suite of financial services tailored to meet the evolving needs of businesses in line with emerging industry trends. As of March 2025, the bank operates a robust network of 62 branches and approximately 338 ATMs across the country, ensuring accessibility to customers nationwide. As the financial sector continues to evolve, Emirates NBD Egypt remains steadfast in its mission to deliver innovative solutions that create tangible and positive impact for its customers, reaffirming its pivotal role as a leading banking institution actively contributing to Egypt's Vision 2030 and sustainable economic growth. Google News تابعونا على تابعونا على تطبيق نبض

Egypt Independent

7 hours ago

• Egypt Independent

Pope Leo calls for an ethical AI framework in a message to tech execs gathering at the Vatican

CNN — Pope Leo XIV says tech companies developing artificial intelligence should abide by an 'ethical criterion' that respects human dignity. AI must take 'into account the well-being of the human person not only materially, but also intellectually and spiritually,' the pope said in a message sent Friday to a gathering on AI attended by Vatican officials and Silicon Valley executives. 'No generation has ever had such quick access to the amount of information now available through AI,' he said. But 'access to data — however extensive — must not be confused with intelligence.' He also expressed concern about AI's impact on children's 'intellectual and neurological development,' writing that 'society's well-being depends upon their being given the ability to develop their God-given gifts and capabilities.' That statement from the Pope came on the second of a two-day meeting for tech leaders in Rome to discuss the societal and ethical implications of artificial intelligence. The second annual Rome Conference on AI was attended by representatives from AI leaders including Google, OpenAI, Anthropic, IBM, Meta and Palantir along with academics from Harvard and Stanford and representatives of the Holy See. The event comes at a somewhat fraught moment for AI, with the rapidly advancing technology promising to improve worker productivity, accelerate research and eradicate disease, but also threatening to take human jobs, produce misinformation, worsen the climate crisis and create even more powerful weapons and surveillance capabilities. Some tech leaders have pushed back against regulations intended to ensure that AI is used responsibly, which they say could hinder innovation and global competition. 'In some cases, AI has been used in positive and indeed noble ways to promote greater equality, but there is likewise the possibility of its misuse for selfish gain at the expense of others, or worse, to foment conflict and aggression,' Leo said in his Friday statement. Although it doesn't have any direct regulatory power, the Vatican has been increasingly vocal on AI policy, seeking to use its influence to push for ethical technological developments. In 2020, the Vatican hosted an event where tech leaders, EU regulators and the late Pope Francis discussed 'human-centric' AI, which resulted in the Rome Call for AI Ethics, a document outlining ethical considerations for the development of AI algorithms. IBM, Microsoft and Qualcomm were among the signatories who agreed to abide by the document's principles. Two years later, Francis called for an international treaty to regulate the use of AI and prevent a 'technological dictatorship' from emerging. In that statement — which came months after an AI-generated image of Francis in a puffy coat went viral — he raised concerns about AI weapons and surveillance systems, as well as election interference and growing inequality. In 2024, he became the first pope to participate in the G7 summit, laying out the ethical framework for the development of AI that he hoped to get big tech companies and governments on board with. Following Francis When Pope Leo XIV became leader of the Catholic Church last month, he signaled that his papacy would follow in Francis' footsteps on topics of church reform and engaging with AI as a top challenge for working people and 'human dignity.' The new pontiff chose to name himself after Pope Leo XIII who led the church during the industrial revolution and issued a landmark teaching document which supported workers' rights to a fair wage and to form trade unions. With the development of AI posing a similar revolution to the one during the 19th century, Leo has suggested that the church's social teaching — which offers a framework on engaging with politics and business — be used when it comes to new tech advancements. 'In our own day, the church offers to everyone the treasury of her social teaching in response to another industrial revolution and to developments in the field of artificial intelligence that pose new challenges for the defense of human dignity, justice and labor,' Leo said in that May address. The Friday event, which took place inside the Vatican's apostolic palace, included a roundtable discussion on AI ethics and governance. Among those present from the Vatican side were Archbishop Vincenzo Paglia, who has engaged with business leaders on AI, and Archbishop Edgar Peña Parra, who holds the position of 'sostituto' (substitute) in the Vatican, a papal chief of staff equivalent. Earlier this week, Leo referenced AI during a speech to Italian bishops, talking about 'challenges' that 'call into question' the respect for human dignity. 'Artificial intelligence, biotechnologies, data economy and social media are profoundly transforming our perception and our experience of life,' he told them. 'In this scenario, human dignity risks becoming diminished or forgotten, substituted by functions, automatism, simulations. But the person is not a system of algorithms: he or she is a creature, relationship, mystery.' A key issue at Friday's event is AI governance, or how the companies building it should manage their need to generate profit and responsibilities to shareholders with the imperative not to create harm in the world. That conversation is especially pressing at a moment when the United States is on the brink of kneecapping the enforcement of much of the limited regulations on AI that exist, with a provision in President Donald Trump's proposed agenda bill that would prohibit the enforcement of state laws on AI for 10 years. In his statement, Leo called on tech leaders to acknowledge and respect 'what is uniquely characteristic of the human person' as they seek to develop an ethical framework for AI development.