Latest news with #MohamedMedhat
Zawya
5 days ago
- Business
- Zawya
Egypt: MSMEDA, Banque du Caire sign $10mln contracts to finance microenterprises
Arab Finance: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has signed two contracts worth a total of EGP 500 million with Banque du Caire to finance microenterprises across Egypt, as per a statement. The agreements were signed by Mohamed Medhat, Deputy CEO of MSMEDA, and Ayman Khattab, Head of the Financial Institutions Sector at Banque du Caire, in the presence of MSMEDA CEO Basil Rahmy, Banque du Caire Managing Director and CEO Hussein Abaza, and senior officials from both sides. Rahmy said the move supports the political leadership's directives to strengthen microenterprise financing and expand access to women and youth entrepreneurs. He explained that the funding, up to EGP 500,000 per beneficiary, aims to help project owners develop and expand their operations, integrate into the formal economy, and benefit from soft financing, supportive laws, and tax concessions. The first contract targets informal businesses seeking to formalize, while the second supports existing microenterprises looking to grow, renew, or replace assets. According to Medhat, the agreements are expected to finance around 5,300 projects nationwide, with a focus on vulnerable groups. Khattab emphasized that the bank would continue directing funding to priority segments, leveraging its experience in both financial and non-financial services to boost productivity and integrate more entrepreneurs into the formal sector. Cooperation between MSMEDA and Banque du Caire began in 2012 and has since financed more than 862,000 micro-projects worth about EGP 16.5 billion, including revolving loans totaling EGP 4.3 billion. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Daily News Egypt
5 days ago
- Business
- Daily News Egypt
MSMEDA, Banque du Caire ink EGP 500m agreements to finance 5,300 micro-enterprises
The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) and Banque du Caire have signed two new contracts worth a total of EGP 500m to finance micro-enterprises across all governorates of Egypt through the bank. The contracts were signed by Mohamed Medhat, Deputy CEO of MSMEDA, and Ayman Khattab, Head of the Financial Institutions Sector at Banque du Caire, in the presence of Basil Rahmy, CEO of MSMEDA, and Hussein Abaza, Managing Director and CEO of the bank. Rahmy stressed the agency's commitment to expanding the financing of micro-enterprises, in line with the directives of the political leadership to strengthen the support and financing system for small and micro-enterprises. He emphasised that such support enables entrepreneurs to develop their businesses, boost productivity, access foreign markets, create more job opportunities for themselves and others, contribute to the national economy, and improve living standards. He explained that the signing of the two new contracts aims to empower micro-projects as one of the most important tools of economic and social development by expanding their financing base. He noted that the contracts will also contribute to achieving financial inclusion by integrating micro-entrepreneurs into the formal economy and facilitating their access to both financial and non-financial services. The MSMEDA CEO added that the agency is keen to offer innovative financing products that meet the needs of various segments of society and improve citizens' quality of life by supporting productive projects. He pointed out that the maximum financing value from these two contracts reaches EGP 500,000 per beneficiary, providing greater flexibility to meet project requirements and expand operations. Rahmy further explained that the first contract aims to support micro-entrepreneurs operating in the informal sector and encourage them to transition into the formal economy. This will be achieved by providing the necessary financing to increase their growth and expansion opportunities while ensuring access to the incentives and facilities offered by the state to formalised projects. The second contract focuses on financing existing micro-projects seeking to develop, expand, renew, or replace equipment, by offering facilitated funding that enables these projects to increase production, raise operational efficiency, and enhance competitiveness in the local market. For his part, Bahaa El-Shafei, Deputy CEO of Banque du Caire, said that the partnership between MSMEDA and the bank has contributed to financing thousands of projects. He confirmed that the new agreements will open the door to further job opportunities and promote sustainable economic and social development. He stressed that Banque du Caire is one of the leading banks in financing micro-enterprises in the Egyptian market, backed by over 20 years of extensive experience in this field. The bank has provided 1.3 million job opportunities and productive projects serving diverse segments, especially youth and women breadwinners. El-Shafei also noted that the bank's distinction in this field stems from its geographic reach, particularly in Upper Egypt, which accounts for about 51% of its microfinance clients. Women account for 35% and youth for 54% of the bank's micro-lending portfolio. He explained that the bank offers a fully integrated range of products and services tailored to the needs of this vital sector, in line with Egypt's Vision 2030 for sustainable development and financial inclusion. Medhat stated that the two contracts target financing approximately 5,300 micro-enterprises distributed across the governorates, with a focus on vulnerable groups, especially women and youth. They will be supported in engaging in formal economic activity through the necessary financing, assistance in completing official paperwork, and streamlining procedures. Khattab stressed that the new agreements with MSMEDA mark an important step in the bank's journey to support micro-entrepreneurs, highlighting the bank's keenness to direct financing towards the most in-need groups nationwide. He also emphasised the importance of integrating these entrepreneurs into the formal economy, enhancing productivity, and boosting capacity. He added that Banque du Caire has a comprehensive system and extensive expertise in offering both financial and non-financial solutions tailored to customer needs, which supports growth and employment opportunities and contributes to achieving the state's targets for financial inclusion and sustainable development. The cooperation between MSMEDA and Banque du Caire began in 2012 and has resulted in financing over 862,000 micro-enterprises with a total value of about EGP 16.5bn. This was achieved through revolving loans worth around EGP 4.3bn, provided by MSMEDA through Banque du Caire branches nationwide, reflecting the depth of integration between state institutions and national banks in supporting and developing the micro-enterprise sector.
