• MSMEDA has partnered with Aman Holding to provide EGP 100 million in funding aimed at supporting individuals seeking to start or expand small and medium-sized enterprises (SMEs) in Egypt.
• The funding is divided into two contracts: EGP 70 million from the World Bank’s ‘Entrepreneurship Stimulation Project for Job Creation’ and EGP 30 million from the Arab Fund for Economic and Social Development.
• This collaboration will not only offer financial support but also provide additional services such as business setup assistance, licensing support, and marketing services to empower young entrepreneurs and women across various regions.

The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) in Egypt has forged a new partnership with Aman Holding, securing EGP 100 million in funding to be distributed to individuals looking to establish or expand small and medium-sized enterprises (SMEs).

This partnership, formalized through an agreement between MSMEDA’s CEO Bassel Rahmi and Aman Holding’s CEO of Operations and Commercial Affairs, Hazem Maghazi, empowers Aman to provide financial support to entrepreneurs, particularly focusing on young people, via its branches across the country.

Rahmi elaborated, “The EGP 100 million financing agreement with Aman is divided into two contracts. The first, worth EGP 70 million, is linked to the World Bank’s ‘Entrepreneurship Stimulation Project for Job Creation’, aimed at encouraging entrepreneurship. The second contract, amounting to EGP 30 million, is under an agreement with the Arab Fund for Economic and Social Development to aid SMEs and private sector facilities.”

Rahmi emphasized the agency’s commitment to fostering collaboration with financial institutions and forming strategic alliances with leading private sector companies to enhance access to financing for SMEs, especially in underserved regions.

“This partnership with Aman will strengthen government initiatives to broaden financial access for small and medium-sized enterprises, enabling young entrepreneurs and women to start new businesses or grow existing ones,” Rahmi noted.

He also mentioned that the financial support would be supplemented by a variety of services from MSMEDA, such as assistance with business setup, help in obtaining necessary licenses, and marketing services. The agency will also offer classification and benefits certificates, allowing project owners to benefit from tax exemptions and incentives provided under MSMEDA’s Development Law 152 of 2020.

Hazem Maghazi, CEO of Business and Commercial Affairs at Aman Holding, expressed pride in renewing the partnership with MSMEDA.

“This agreement demonstrates our commitment to expanding our financial services and supporting projects of all sizes, particularly SMEs, through our extensive branch network,” Maghazi remarked. “It aligns with our vision to build a more inclusive and sustainable financial ecosystem across the country.”

Maghazi reiterated Aman’s commitment to supporting SMEs in Egypt, expressing enthusiasm for the partnership’s role in achieving shared objectives of empowering entrepreneurs, generating employment, and promoting sustainable economic growth throughout Egypt.