• Egypt’s Finance Ministry and MSMEDA sign protocols to boost private sector activity and support entrepreneurship through targeted financial policies.
• USD 100M (EGP 5B) allocated in the new budget to fund MSMEs and drive inclusive, sustainable economic growth.
• New initiatives aim to empower young entrepreneurs, expand local industry, and support tax-facilitated beneficiaries with soft, accessible financing.

Ministry of Finance

The Minister of Finance, Ahmed Kouchouk and Bassel Rahmy, CEO of Micro, Small, and Medium Enterprises Development Agency (MSMEDA) signed a cooperation protocol between the two entities. The agreement was within the framework of financial policies that support economic activity of the private sector. In addition to stimulating startups and entrepreneurs. The purpose of achieving financial sustainability for MSMEDA.

The Minister of Finance confirmed that an amount of approximately USD 100B (EGP 5B) was allocated for MSMEs. He also stated that this allocation is the strongest economic support in the new budget that was determined this month. 

Economic Growth

This allocation will contribute to providing soft finance for young businessmen and women. In addition, to support private and productive sectors as part of partnership with MSMEDA in order to accelerate economic growth. 

Kouchouk said that he agreed in principle with MSMEDA to finance a number of initiatives to support “beneficiaries from tax facilities and entrepreneurs.”  In addition, to strengthen the local component in industrial, productive and export projects. As well as supporting those in need through economic empowerment.

He clarified that the ministry is going to provide distinctive and cost-effective finance this fiscal year for the first group who join the simplified and unified tax system.

The CEO of MSMEDA, Bassel Rahmy expressed appreciation for the financial policies that stimulate growth of startups and boost economic activity. He also pointed out that the Minister of Finance’s advanced way of thinking opens promising horizons for economic empowerment of young entrepreneurs.