An Egyptian bank will financially support small and medium contractors in the Arab country under an agreement signed with Egypt’s main contractors body, local newspapers reported on Wednesday. 

Banque Misr will provide financial and technical assistance to local construction firms with “limited financial adequacy” under an agreement signed on Tuesday with the Egyptian Federation For Construction & Building Contractors, the report said. 

The “cooperation protocol”  involves the launching of “financial and non-financial” services for member companies with small and medium adequacy to support their role in their construction sector in the country, Almasry Alyoum and other papers said. 

“The protocol also allows those contractors to get access to other bank services as well as information about the market so they can take advantage of lower prices…this will enable them to increase their contribution to domestic projects,” the report added. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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