MSMEDA, AAIB sign financing agreement to back MSMEs in Egypt
Egypt - The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) and Arab African International Bank (AAIB) signed a contract worth EGP 150 million to finance mircro, small-, and medium-sized enterprises (MSMEs), as per a statement.
Basil Rahmy, CEO of the MSMEDA, sealed the financing agreement with Tamer Waheed, Vice Chairman and Managing Director of AAIB.
This falls under Prime Minister Mostafa Madbouly's directives to expand the financing for MSMEs in order to increase its production, create job opportunities, and contribute to developing the national economy.
Under the joint deal, the AAIB will relend financing to MSMEs across all Egypt's governorates, targeting the owners of new and existing MSMEs, with a focus new projects and women-owned businesses.
Rahmy highlighted that the bank will provide a maximum financing of EGP 15 million for small projects and EGP 30 million for medium projects. The loan will be used to finance the purchase of new machinery and working capital for new and existing projects, as per the requirements.
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