MSMEDA, CIB sign MoU to support small enterprises in Egypt

Egypt’s Medium, Small, and Micro Enterprise Development Agency (MSMEDA) has signed on Monday a memorandum of understanding (MoU) with the Commercial International Bank (CIB) to enhance technical and financial assistance for small business owners.

Bassel Rahmy, CEO of MSMEDA, emphasised that the partnership aligns with the agency’s vision to collaborate with leading financial institutions, ensuring streamlined services for entrepreneurs. Under the MoU, MSMEDA’s one-stop shop units will offer technical support and facilitate business formalisation, enabling entrepreneurs to secure financing from CIB.

The agreement also establishes a referral system where MSMEDA will direct eligible entrepreneurs requiring funding beyond its limits to CIB. In return, CIB clients will gain access to MSMEDA’s resources, including feasibility studies, marketing platforms, participation in tenders, exhibitions, and e-marketing initiatives.

The collaboration will prioritise sustainable financing tools, such as the Green Bond Programme and other environmentally-focused funding mechanisms. Mohamed Medhat, Deputy Executive President of MSMEDA, highlighted the partnership’s role in fostering entrepreneurship, promoting green financing, and driving economic growth in Egypt.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser

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