MSMEDA partners with Kredit to fund SMBs with EGP100m

The Egyptian Micro, Small, and Medium Enterprises Development Agency (MSMEDA) announced on Thursday a collaboration with Kredit Company to finance small and medium-sized businesses (SMBs) with a total of 100 million Egyptian pounds, the cabinet said in a statement on Thursday.

The first phase of the financing contract, amounting to 50 million pounds, has been signed, with the provision that the second installment of the same amount will be made available once the first installment has been utilised.

This contract is part of MSMEDA’s plan to provide multiple outlets for financing small and medium-sized business and to expand cooperation with various entities interested in supporting and financing these projects.

Basil Rahmi, the CEO of MSMEDA, emphasised that their collaboration with Kredit Company aims to make financing more accessible for customers looking to initiate or expand their projects.

The current contract allows for re-lending to projects, with a cap of 5 million pounds and a floor of 500 thousand pounds per project.