Minister of Youth and Sports Ashraf Sobhi attended the signing ceremony of contracts between his ministry and the National Bank of Egypt (NBE) and Banque Misr to establish 12 branches of the two banks at the youth centers with investment return hitting EGP 1.1 billion.
Egypt is currently witnessing an integration stage among all bodies as part of President Abdel Fattah El Sisi’s vision to deepen the financial inclusion process, Sobhi said.
The minister expressed his pleasure at signing the protocol, which he said would help increase the in-house resources of different youth centers and improve services being offered at them.
The move will also help lift the burden from the State and enable the ministry to offer support to other youth centers and clubs, he said.
Sobhi said his ministry targets increasing the banks’ branches at the youth centers to 200, with an aim to make the best use of the national financial institutions in a way that can be beneficial to the Egyptian youth.
Source: State Information Service Egypt