Cairo – The American University in Cairo (AUC) signed a Memorandum of Understanding (MoU) with Banque Misr to qualify and train women entrepreneurs and support them in establishing and scaling their small businesses. AUC President Ahmad Dallal and Banque Misr Chairman Mohamed El-Etreby signed the agreement in the presence of a distinguished group of representatives from Banque Misr, AUC, The Canadian Embassy in Egypt, United Nations Women in Egypt and the National Council for Women.

The MoU aims to support women’s entrepreneurship in line with Egypt’s strategy to support and finance start-ups and MSMEs and support women’s financial inclusion efforts. Through this agreement, the Center for Entrepreneurship and Innovation at AUC’s School of Business (AUC CEI) will nominate female entrepreneurs from the “Women’s Economic Empowerment - Entrepreneurship Support” project to Banque Misr. The bank will then provide the nominees with various banking services to facilitate their financial needs and awareness sessions on financial literacy and financial products to ensure the correct use of these products and services. 

“We value our partnership with Banque Misr, as this collaboration not only catalyzes the economic empowerment of women but also solidifies AUC’s efforts to strategically collaborate with such reputable organizations. Our collaboration aims to spread the entrepreneurial knowledge within the Egyptian society and encourage women entrepreneurs to launch their new ventures,” said Dallal.

The collaboration between AUC and Banque Misr comes within the framework of the joint program “Women’s Economic Empowerment for Inclusive and Sustainable Growth in Egypt - Rabeha” between UN Women and the United Nations Industrial Development Organization (UNIDO), in partnership with the National Council for Women and the Ministry of Trade and Industry, with the support of the Government of Canada.

El-Etreby emphasized that the bank supports the economic empowerment of women and the achievement of equality between men and women as it seeks to bridge the gender gap in terms of access to financial and non-financial products and services to achieve the objectives of financial inclusion. “Banque Misr is a pioneer in planting the historical roots of financial inclusion, as Banque Misr is the first bank to be established with Egyptian efforts and capital with the aim of investing the savings of Egyptians and integrating them into the formal economy,” he said.

It is envisaged that the collaboration between Banque Misr and AUC CEI will advance entrepreneurship and its role in economic development and empowerment, especially for women, noting that the Women’s Economic Empowerment - Entrepreneurship Support Project targets to raise the skills of 1000 women beneficiaries with business ideas or existing businesses in seven governorates; Cairo, Giza, Alexandria, Beheira, Minya, Beni Suef and Fayoum.

Sherif Kamel, dean, AUC School of Business highlighted how this collaboration comes within the framework of the school’s role in spreading the culture of entrepreneurship presented by AUC School of Business CEI. “Such culture serves as a real engine for the ecosystem of entrepreneurship and self-employment, to qualify women to establish and manage their projects successfully, especially those in underserved communities,” he added.

The Head of Financial Inclusion, Sustainability And Business Development at Banque Misr, Suzan Hamdy stated that the bank is always keen to support Egypt’s efforts in achieving financial inclusion, “with the aim of enabling all segments of society to access financial products and services that meet their different needs, especially given that women and young people are the largest segment of society, and Banque Misr has participated in many initiatives and events that will enhance these efforts.”

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Founded in 1919, The American University in Cairo (AUC) is a leading English-language, American-accredited institution of higher education and center of the intellectual, social, and cultural life of the Arab world. It is a vital bridge between East and West, linking Egypt and the region to the world through scholarly research, partnerships with academic and research institutions and study abroad programs.

The University offers 40 undergraduate, 52 master’s and two PhD programs rooted in a liberal arts education that encourages students to think critically and find creative solutions to conflicts and challenges facing both the region and the world.

An independent, nonprofit, politically non-partisan, non-sectarian and equal opportunity institution, AUC is fully accredited in Egypt and the United States.