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Daily News Egypt
2 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.
Al-Ahram Weekly
13-07-2025
- Business
- Al-Ahram Weekly
Finance ministry provides EGP 5 bln support for Egypt MSMEs - Economy
Minister of Finance Ahmed Kouchouk and the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) CEO Basel Rahmy have signed a cooperation protocol to provide EGP 5 billion, the most significant financial support to date, for Egypt's micro, small, and medium enterprises (MSMEs), according to a statement by the ministry on Sunday. The ministry said the move aims to bolster private sector activity and empower young entrepreneurs. Under the agreement, the Ministry of Finance allocates EGP 5 billion in the newly approved FY2025/2026 state budget to offer low-cost, targeted financing to startups and growing businesses. The funding, effective 1 July, will prioritize high-impact, productive sectors as part of a new strategic partnership between the ministry and MSMEDA. The agreement is part of a broader vision to foster sustainable economic development through fiscal policies that support entrepreneurship, encourage formalization, and deepen local manufacturing and export capacity. It also represents a key milestone in the government's efforts to shift from short-term subsidies to long-term, investment-based support models for job creation and economic empowerment. Moreover, Minister Kouchouk said the initial consensus regarding the protocol has been reached with MSMEDA to fund a series of initiatives. These include support for businesses benefiting from the simplified and unified tax system, entrepreneurship development, and deepening local components in industrial, productive, and export-focused projects. The ministry also plans to direct financing to vulnerable families as part of its economic empowerment efforts, aiming to transition them from welfare to productive activity. 'We're launching a new phase of strategic cooperation with MSMEDA that prioritizes financial sustainability and long-term economic impact. This protocol marks a strong push toward enhancing Egypt's private sector and making economic growth more inclusive,' Kouchouk noted. He added that the ministry will provide highly competitive financing terms throughout the current fiscal year for the first wave of businesses joining the new tax system. This will help reduce costs for small businesses and incentivize formalization. For his part, Rahmy affirmed that the agreement opens promising new avenues for economic inclusion, particularly for young entrepreneurs and startups. 'This partnership reflects our shared belief in the power of emerging enterprises to drive innovation, create jobs, and grow the national economy,' Rahmy said. 'Through the minister's forward-thinking policies, we're seeing a real shift in how financial tools are being used to build long-term resilience and opportunity,' he added. The protocol comes at a time when Egypt is intensifying its support for MSMEs. This sector contributes more than 75 percent of total employment and plays a central role in the country's sustainable development strategy. The agreement also complements other national initiatives designed to formalize the informal economy and expand access to financing and digital tools for small businesses. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
13-07-2025
- Business
- Al-Ahram Weekly
Finance ministry to provide EGP 5 bln support for Egypt MSMEs - Economy
Minister of Finance Ahmed Kouchouk and the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) CEO Basel Rahmy have signed a cooperation protocol to provide EGP 5 billion, the most significant financial support to date, for Egypt's micro, small, and medium enterprises (MSMEs), according to a statement by the ministry on Sunday. The ministry said the move aims to bolster private sector activity and empower young entrepreneurs. Under the agreement, the Ministry of Finance allocates EGP 5 billion in the newly approved FY2025/2026 state budget to offer low-cost, targeted financing to startups and growing businesses. The funding, effective 1 July, will prioritize high-impact, productive sectors as part of a new strategic partnership between the ministry and MSMEDA. The agreement is part of a broader vision to foster sustainable economic development through fiscal policies that support entrepreneurship, encourage formalization, and deepen local manufacturing and export capacity. It also represents a key milestone in the government's efforts to shift from short-term subsidies to long-term, investment-based support models for job creation and economic empowerment. Moreover, Minister Kouchouk said the initial consensus regarding the protocol has been reached with MSMEDA to fund a series of initiatives. These include support for businesses benefiting from the simplified and unified tax system, entrepreneurship development, and deepening local components in industrial, productive, and export-focused projects. The ministry also plans to direct financing to vulnerable families as part of its economic empowerment efforts, aiming to transition them from welfare to productive activity. 'We're launching a new phase of strategic cooperation with MSMEDA that prioritizes financial sustainability and long-term economic impact. This protocol marks a strong push toward enhancing Egypt's private sector and making economic growth more inclusive,' Kouchouk noted. He added that the ministry will provide highly competitive financing terms throughout the current fiscal year for the first wave of businesses joining the new tax system. This will help reduce costs for small businesses and incentivize formalization. For his part, Rahmy affirmed that the agreement opens promising new avenues for economic inclusion, particularly for young entrepreneurs and startups. 'This partnership reflects our shared belief in the power of emerging enterprises to drive innovation, create jobs, and grow the national economy,' Rahmy said. 'Through the minister's forward-thinking policies, we're seeing a real shift in how financial tools are being used to build long-term resilience and opportunity,' he added. The protocol comes at a time when Egypt is intensifying its support for MSMEs. This sector contributes more than 75 percent of total employment and plays a central role in the country's sustainable development strategy. The agreement also complements other national initiatives designed to formalize the informal economy and expand access to financing and digital tools for small businesses. Follow us on: Facebook Instagram Whatsapp Short link:
Daily News Egypt
21-06-2025
- Business
- Daily News Egypt
MSMEDA injects EGP 17.4bn into 900k women-led enterprises over past decade: CEO
Bassel Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), announced that the agency has allocated EGP 17.4bn over the past 10 years to support women-led micro and small enterprises across Egypt. This funding has empowered around 900,000 projects and contributed to the creation of approximately 1.2 million job opportunities. Rahmy highlighted that 54% of the total funding—equivalent to EGP 9.4 billion—was channelled into projects located in Upper Egypt, border governorates, and other underserved areas most in need of development. He emphasised the agency's determination to double this financing in the coming period, in line with government efforts to enhance women's economic participation and unlock their potential as drivers of national growth. The announcement was made during the 'Women in SMEs' Conference, organised by the Women Entrepreneurs Club under the patronage of MSMEDA. The event gathered representatives from leading financial institutions, entrepreneurship support organisations, ambassadors, and distinguished female leaders from across various economic sectors. In his remarks, Rahmy reiterated MSMEDA's commitment to working in close coordination with government bodies, civil society organisations, and development partners to further empower women economically. He stressed the importance of supporting women not only in launching new enterprises, but also in expanding and developing existing ones across industrial and service-based sectors. This approach, he noted, aims to cultivate a new generation of pioneering women entrepreneurs who can contribute meaningfully to Egypt's economic transformation. Rahmy also underlined the significance of the agency's participation in such conferences, as they serve as platforms to exchange expertise, share successful models, and align with international best practices—particularly in relation to the SME sector and women's empowerment. These efforts, he said, are central to Egypt's development agenda and are fully aligned with Egypt Vision 2030 and the United Nations Sustainable Development Goals. During the event, Rahmy presented the full range of services MSMEDA offers to support entrepreneurs, including both financial and non-financial assistance. He noted the agency's ongoing efforts to expand the accessibility of its services across the country, especially for women and young people, by leveraging digital transformation tools and platforms. Mona Mourad, Founder and CEO of the Women Entrepreneurs Club, affirmed the Club's commitment to enhancing the capabilities of Egyptian women and enabling them to take the lead in medium and large-scale enterprises. She pointed to the conference's collaboration with the American University in Cairo's Centre for Entrepreneurship and Innovation and Alcatel-Lucent as a prime example of how public-private-academic partnerships can accelerate women's leadership in digital transformation and institutional growth. Mourad commended MSMEDA for its pivotal role in building the capacities of women across various economic activities, particularly by supporting productive, sustainable projects. She added that the agency's presence at the event reflects the growing synergy between state institutions and development actors, both local and international, in creating a thriving ecosystem for female entrepreneurship. In recognition of their success, Rahmy honoured several women who have built notable businesses with MSMEDA's support. Among them was Yasmin El-Sweifi, who owns a thriving restaurant chain in Cairo; Mona Sami, who founded a business producing educational and interactive toys; and Sherine Saleh, who established a manufacturing project for medical and cosmetic supplies. Their achievements, Rahmy said, are a testament to the transformative impact of targeted support and inclusive development policies.
Zawya
29-04-2025
- Business
- Zawya
Egypt: MSMEDA injects $51mln to finance 130,000 SMEs in Fayoum
Egypt - Bassel Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), announced that the agency has financed approximately 130,000 small and micro enterprises in Fayoum between July 2014 and December 2024, with a total investment of EGP 2.6bn. These projects have generated over 177,000 job opportunities. Rahmy made these remarks during a meeting with Ahmed El-Ansari, Governor of Fayoum, where they discussed ways to expand cooperation to create more job opportunities for youth by boosting support for the small and micro enterprise sector. Their discussions also focused on encouraging citizens to start or grow their businesses and supporting the establishment of industrial and productive ventures that leverage the governorate's natural resources and investment potential. The meeting also witnessed the signing of two new contracts to finance microenterprises in Fayoum: one with the Small Enterprises and Community Development Association (SECDA), valued at EGP 30m, and another with the Community Development Association in Monshaat Baghdadi, valued at EGP 1.5m. These agreements aim to finance both existing and new projects, with a particular focus on the productive and agricultural sectors. In addition, ten work contracts were awarded to trainees participating in the 'Employment with Others' project, implemented in cooperation with the Fatayat El-Ghad and Magd Masr associations under the EU-funded programme to address the root causes of irregular migration. During the event, El-Ansari and Rahmy presented a number of project owners with certificates of compliance and classification, qualifying them to benefit from the incentives offered under the Enterprise Development Law No. 152 of 2020. They also distributed checks for newly financed projects backed by MSMEDA. As part of the 'Creating Job Opportunities for Women in Upper Egypt' initiative, five women were provided with sewing machines. This project, funded by the Spanish Agency for International Cooperation, aims to empower women's production groups by offering training and operational resources. Governor El-Ansari emphasized the strong partnership between the governorate and MSMEDA to provide comprehensive support for small and micro enterprises. He praised the ongoing coordination, which aligns with the political leadership's directives to bolster the sector's role in national economic development. El-Ansari further highlighted the governorate's focus on supporting industrial, productive, and handicraft projects to help entrepreneurs transition into the formal economy. He stressed the commitment to overcoming the challenges faced by young entrepreneurs, working closely with MSMEDA and other state institutions. For his part, Rahmy underscored the government's strong focus on developing Upper Egypt, led by Prime Minister Mostafa Madbouly, who also chairs MSMEDA's board of directors. Rahmy reiterated the agency's commitment to expanding its financial and technical services across Upper Egypt, helping local communities harness their natural resources and contributing to comprehensive and sustainable economic growth.
