• MSMEDA and Banque du Caire sign EGP 500M contracts to finance micro-enterprises across Egypt, targeting growth and financial inclusion.
• First contract supports informal sector micro-entrepreneurs transitioning to the formal economy, offering financing, incentives, and state-provided facilitations.
• Second contract funds existing micro-enterprises aiming for development, expansion, renewal, or replacement, boosting production, efficiency, and local market competitiveness.

MSMEDA

The Micro, Small and Medium Enterprises Development Agency (MSMEDA) and Banque du Caire have signed two new contracts worth a total of EGP 500 million.The contracts aimed at financing micro-enterprises across all governorates in Egypt through Banque du Caire.

The contracts were signed by Mohamed Medhat, Deputy CEO of MSMEDA, and Ayman Khattab, Head of the Financial Institutions at Banque du Caire. It was signed in the presence of Basil Rahmy, CEO of MSMEDA, Hussein Abaza, Managing Director and CEO of Banque du Caire, along with senior officials from both institutions.

Basil Rahmy explained that the two new contracts aim to empower micro-enterprises to foster economic and social development. In addition, it aims to foster financial inclusion by integrating micro-entrepreneurs into the formal economy. It also aims to facilitate their access to both financial and non-financial services.

Financing 

MSMEDA is keen to offer innovative financing products tailored to the needs of different segments. This is to improve quality of life through support for productive projects. The maximum financing amount under these contracts will be EGP 500,000 per beneficiary. Furthermore, it aims to provide flexibility in meeting project needs and enabling business expansion.

Rahmy noted that the first contract aims to support micro-entrepreneurs operating in the informal sector. This is by encouraging them to transition to the formal economy by providing the necessary financing, and enhancing their opportunities for growth. It also aims to grant them access to various incentives and facilitations offered by the state to registered businesses. 

The second contract focuses on financing existing micro-enterprises seeking development, expansion, renewal, or replacement. This is by offering affordable loans to increase production, improve operational efficiency, and enhance competitiveness in the local market.