Egypt’s MSMEDA, Suez Canal Bank ink EGP500m deal for industrial, export projects

Egypt’s Micro, Small and Medium Enterprise Development Agency (MSMEDA) signed a 500 million Egyptian pound financing agreement with Suez Canal Bank on Monday to expand lending to industrial and productive small and medium-sized enterprises, and support exports.

Under the agreement, the funding will be channelled through Suez Canal Bank to support SMEs nationwide, financing machinery, equipment, production lines, and raw materials, as well as training programmes and quality certification, MSMEDA said in a statement.

MSMEDA’s CEO Basel Rahmy said the agreement falls under the Ministry of Finance’s export support initiative and aims to help SMEs — particularly industrial and productive projects — expand into foreign markets, in line with the government’s strategy to raise exports and promote sustainable economic growth.

He added that the programme will prioritise projects in border governorates and Upper Egypt, as well as initiatives supporting women’s economic empowerment, and will seek to deepen local content and improve the competitiveness of Egyptian SMEs.

Under the scheme, small enterprises will be eligible for financing of up to 30 million pounds, while medium-sized projects can receive up to 60 million pounds, Rahmy said.

Suez Canal Bank Chief Executive Akef El Maghraby said the partnership represents a key step in the bank’s efforts to support the SME sector, noting that enhanced access to finance will help industrial and productive enterprises scale up, export and compete in international markets.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser