Egypt: MSMEDA, Banque Misr pen $4mln deal to back small businesses
Arab Finance: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) signed an EGP 200 million contract with Banque Misr to back small enterprises and provide working capital, according to an official statement.
MSMEDA's CEO Basil Rahmy emphasized the agency's commitment to expanding partnerships with major banks and financial institutions to secure the necessary financing to support the small enterprise sector in Egypt.
The agreement also aligns with the agency's goals to enable thousands of project owners and entrepreneurs to establish or develop small businesses, Rahmy added.
Under the directives of Prime Minister Mostafa Madbouly, the funding will focus on industrial and productive projects that create job opportunities for young people, especially recent graduates.
Rahmy noted that a portion of the funding will be directed to female entrepreneurs, both business owners and those seeking to launch new projects.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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