Banque Misr partners with MSMEDA in EGP 200m agreement to bolster small enterprises, expand working capital
Ahmed Eissa, Executive Vice President of Banque Misr, has signed a landmark EGP 200m contract with Basil Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), aimed at supporting small enterprises and expanding access to working capital.
Funded by MSMEDA, this agreement seeks to facilitate the growth and development of existing small enterprises by offering loans designed to enhance production, boost income, and create job opportunities. By doing so, the initiative contributes directly to economic progress and improved living standards.
These loans will be provided at preferential interest rates through Banque Misr's extensive network of over 860 branches and banking units nationwide. The financing will be available to both new and existing business owners, with a particular focus on projects led by female entrepreneurs, thereby diversifying the bank's portfolio and fostering inclusive economic participation.
Amr Demerdash, Head of the SMEs Sector at Banque Misr, emphasized that this partnership aligns with the bank's commitment to supporting businesses of all sizes. By offering specialized financial solutions, the bank aims to address both financial and non-financial needs across various economic sectors.
Demerdash highlighted Banque Misr's dedication to fostering entrepreneurship and strengthening Egypt's economic foundation by actively participating in initiatives and agreements that expand financing opportunities for enterprises. This, in turn, enhances production, generates employment, and stimulates economic growth. Additionally, these efforts contribute to integrating the informal sector into the formal economy, thereby positively impacting economic indicators and driving higher growth rates.
Banque Misr remains committed to unlocking the potential of young entrepreneurs, increasing the number of SMEs, and encouraging both emerging and established businesses across diverse industries. The bank's strategic approach reflects its dedication to sustainable development and long-term prosperity for Egypt.
Rahmy reaffirmed MSMEDA's commitment to fostering collaboration with major banks and financial institutions to provide essential financing for small enterprises. This initiative aims to empower business owners and entrepreneurs, particularly in industrial and productive sectors, to strengthen local manufacturing and create sustainable employment opportunities, particularly for recent graduates.
He also noted that this financing agreement with Banque Misr will play a crucial role in expanding financial access for businesses across the country, leveraging the bank's vast branch network. A portion of the funding will be dedicated to supporting female entrepreneurs, underscoring the shared commitment of both MSMEDA and Banque Misr to advancing women's economic empowerment and entrepreneurship.
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