MSMEDA, Banque Misr sign EGPE200m small business financing deal

The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) signed a 200 million Egyptian pound financing agreement with Banque Misr on Thursday to support small businesses and provide working capital for entrepreneurs across Egypt.

The move aligns with national efforts to expand financial access for small enterprises, a crucial driver of economic growth and employment.

Basel Rahmi, CEO of MSMEDA, highlighted the agency’s commitment to partnering with leading financial institutions to empower business owners. He noted that priority will be given to industrial and productive enterprises in line with government directives to boost local manufacturing and create sustainable job opportunities, particularly for fresh graduates.

According to a Cabinet statement, part of the funding will be allocated to female entrepreneurs, reinforcing efforts to enhance financial inclusion for women-led businesses.

Beyond financing, the agreement also aims to encourage businesses to join the formal economy, enabling them to benefit from legal incentives and financial support under the Enterprise Development Law.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser