Banque Misr has injected c.EGP370 million (USD47 million) in the Mashrouak initiative, according to the bank’s Chairman Mohamed Eletreby. Mashrouak initiative was launched by the Egyptian Ministry of Local Development in March 2015 to encourage youth to start their own SMEs. The project was launched in cooperation with Banque Misr, National Bank of Egypt (NBE), and the Principal Bank for Agricultural Development and Credit. Eletreby said that the number of clients who got funds from the bank reached 12,500, adding that the bank is keen to expand finances dedicated for the initiative. Banque Misr offers four loan tranches as part of the Mashrouak initiative: the first tranche starts from EGP1,000 to EGP25,000, the second from EGP25,000 to EGP100,000, the third tranche from EGP100,000 to EGP250,000 and the last tranche ranges between EGP250,000 to EGP2.5 million. (Amwal Al Ghad)