Latest news with #BasilRahmy
Zawya
16-05-2025
- Business
- Zawya
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. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
24-03-2025
- Business
- Zawya
Egypt: MSMEDA, Banque Misr pen $4mln deal to back small businesses
Arab Finance: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) signed an EGP 200 million contract with Banque Misr to back small enterprises and provide working capital, according to an official statement. MSMEDA's CEO Basil Rahmy emphasized the agency's commitment to expanding partnerships with major banks and financial institutions to secure the necessary financing to support the small enterprise sector in Egypt. The agreement also aligns with the agency's goals to enable thousands of project owners and entrepreneurs to establish or develop small businesses, Rahmy added. Under the directives of Prime Minister Mostafa Madbouly, the funding will focus on industrial and productive projects that create job opportunities for young people, especially recent graduates. Rahmy noted that a portion of the funding will be directed to female entrepreneurs, both business owners and those seeking to launch new projects. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Daily News Egypt
23-03-2025
- Business
- Daily News Egypt
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.
Zawya
20-03-2025
- Business
- Zawya
MSMEDA provides $234mln in funding for 574,349 small, micro projects in northern Upper Egypt
Egypt - Basil Rahmy, CEO of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), announced that from July 2014 to December 2024, the agency has allocated EGP 11.9bn to support 574,349 small and micro enterprises, as well as infrastructure and community development projects, across the northern Upper Egypt governorates of Minya, Fayoum, and Beni Suef. He highlighted that these projects have created 826,300 permanent job opportunities for residents of these governorates, in addition to millions of temporary employment opportunities for informal workers. This has significantly contributed to improving living standards and fostering sustainable employment in the region. Rahmy noted that Minya governorate received the largest share of funding among the northern Upper Egypt governorates. Rahmy emphasized MSMEDA's commitment to driving economic and social development in Upper Egypt, aligning with the state's strategic objectives. He underscored the importance of maximizing the region's natural and human resources to enhance economic conditions for citizens and increase their contribution to national economic growth. His statements came as Minya, Fayoum, and Beni Suef celebrate their national holidays this March. He further explained that MSMEDA works closely with all relevant state institutions and governorates to provide financial support, technical assistance, and advisory services to entrepreneurs—particularly young people—helping them establish new businesses or expand existing ones. Additionally, over the past decade, the agency has successfully secured funding through international development partnerships for infrastructure projects in Minya, Beni Suef, and Fayoum. These projects have generated 7.9 million workdays. Rahmy emphasized that project selection is based on local needs and coordinated with the governorates, with a strong preference for labor-intensive execution over reliance on machinery. This approach ensures the creation of thousands of job opportunities for informal workers, further bolstering employment in the region. Regarding regulatory support, Rahmy noted that MSMEDA has facilitated the issuance of approximately 21,000 licenses for small enterprises, aiding the transition of informal businesses into the formal economy. Additionally, more than 15,000 classification and benefits certificates have been granted, enabling businesses to take advantage of incentives provided under the Small Enterprise Development Law 152/2020. Rahmy concluded by affirming that MSMEDA remains committed to fostering economic growth and empowering young entrepreneurs and women. He reiterated the agency's dedication to supporting small and micro enterprises and contributing to sustainable development efforts in northern Upper Egypt.
Daily News Egypt
20-03-2025
- Business
- Daily News Egypt
MSMEDA provides EGP 11.9bn in funding for 574,349 small, micro projects in northern Upper Egypt
Basil Rahmy, CEO of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), announced that from July 2014 to December 2024, the agency has allocated EGP 11.9bn to support 574,349 small and micro enterprises, as well as infrastructure and community development projects, across the northern Upper Egypt governorates of Minya, Fayoum, and Beni Suef. He highlighted that these projects have created 826,300 permanent job opportunities for residents of these governorates, in addition to millions of temporary employment opportunities for informal workers. This has significantly contributed to improving living standards and fostering sustainable employment in the region. Rahmy noted that Minya governorate received the largest share of funding among the northern Upper Egypt governorates. Rahmy emphasized MSMEDA's commitment to driving economic and social development in Upper Egypt, aligning with the state's strategic objectives. He underscored the importance of maximizing the region's natural and human resources to enhance economic conditions for citizens and increase their contribution to national economic growth. His statements came as Minya, Fayoum, and Beni Suef celebrate their national holidays this March. He further explained that MSMEDA works closely with all relevant state institutions and governorates to provide financial support, technical assistance, and advisory services to entrepreneurs—particularly young people—helping them establish new businesses or expand existing ones. Additionally, over the past decade, the agency has successfully secured funding through international development partnerships for infrastructure projects in Minya, Beni Suef, and Fayoum. These projects have generated 7.9 million workdays. Rahmy emphasized that project selection is based on local needs and coordinated with the governorates, with a strong preference for labor-intensive execution over reliance on machinery. This approach ensures the creation of thousands of job opportunities for informal workers, further bolstering employment in the region. Regarding regulatory support, Rahmy noted that MSMEDA has facilitated the issuance of approximately 21,000 licenses for small enterprises, aiding the transition of informal businesses into the formal economy. Additionally, more than 15,000 classification and benefits certificates have been granted, enabling businesses to take advantage of incentives provided under the Small Enterprise Development Law 152/2020. Rahmy concluded by affirming that MSMEDA remains committed to fostering economic growth and empowering young entrepreneurs and women. He reiterated the agency's dedication to supporting small and micro enterprises and contributing to sustainable development efforts in northern Upper Egypt.
