Egypt approves largest economic support package for SMEs worth $100.8m
This partnership between the North African country's Ministry of Finance and the Micro, Small, and Medium Enterprises Development Agency, which accounts for the largest economic support in the new budget, represents a significant step in bolstering the private sector and productive industries, according to a statement.
This move supports financial policies that boost private sector activity and promote entrepreneurship, aiming for financial sustainability while enhancing MSMEDA's contribution to business growth nationwide.
It also aligns with recent data showing that startups across the Middle East and North Africa raised $289 million through 44 deals in May, a 25 percent increase from April and a 2 percent rise year-on-year. Egypt led regional fundraising with $125 million, driven by Nawy's $75 million round alongside seven other deals totaling $50 million.
The newly released ministry statement said the money 'will contribute to providing easy financing for young entrepreneurs, targeting priority sectors more closely.'
It added: 'This comes as part of a new phase of strong and effective cooperation with the agency, aiming to achieve financial sustainability for the agency to drive economic growth.'
The statement further revealed that Egypt's Finance Minister Ahmed Kouchouk noted that an initial agreement with MSMEDA has been reached to fund initiatives that support tax relief beneficiaries, promote entrepreneurship, and boost local manufacturing, as well as empower low-income households and advance export-focused projects.
Kouchouk added that this fiscal year, the initial group of businesses enrolling in the simplified and unified tax system would receive access to preferential, low-cost financing.
Basel Rahmi, CEO of MSMEDA, commended the Ministry of Finance's efforts to back emerging businesses and boost private-sector expansion.
Rahmi praised the minister's proactive vision, noting it would open doors for empowering young entrepreneurs economically.
In June, a statement issued by the Ministerial Group for Entrepreneurship indicated that Egypt's startup ecosystem saw notable progress in securing venture capital and debt financing in the first five months of the year, with tracked deals totaling $228 million since January.
The statement further revealed at the time that 16 deals were completed between January and May, with 11 of them publicly disclosing investments amounting to $156 million. These investments represented a 130 percent rise compared to the volume during the same period last year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
3 hours ago
- Argaam
MIS wins managed services project worth SAR 125.9M
Al Moammar Information Systems Co. (MIS) secured on July 16, a managed services project with Prince Sattam bin Abdulaziz University's Institute of Consulting and Business Solutions (Seize). The contract is valued at SAR 125.91 million, inclusive of VAT. The company said in a Tadawul filing that the contract is expected to be signed on Aug. 16. MIS added that directive acceptance procedures were completed today, July 17. The project involves providing managed services to support and operate digital workplace systems in cooperation with the Institute, with MIS confirming that no related parties to the deal.
Arab News
3 hours ago
- Arab News
Jordan tourism revenues climb 11.9% in H1 despite regional headwinds
RIYADH: Jordan's tourism revenues rose 11.9 percent year on year in the first half of 2025 to reach $3.67 billion, underscoring the sector's resilience amid geopolitical tensions in the region. According to data from the Central Bank of Jordan, the growth came despite a slight setback in June, when monthly revenues fell 3.7 percent to $619.2 million, state-run Petra news agency reported. Turki Faisal Al-RasheedDespite this, Jordan's performance reflects a broader tourism surge across the Middle East, with a May release by the World Travel & Tourism Council showing the sector added $341.9 billion to gross domestic product and 7.3 million jobs in 2024, with projections of $367.3 billion and 7.7 million jobs in 2025. Saudi Arabia led the region with a 148 percent rise in international tourism revenue in 2024, according to its Ministry of Tourism, while Oman, the UAE, and Qatar continued to attract strong visitor flows through investment, connectivity, and major events. Citing the central bank data, Petra said: 'Tourism revenues from Asian visitors surged by 42.9 percent during the first half of the year, while revenues from European tourists increased by 35.6 percent, Americans by 25.8 percent, Arabs by 11.5 percent, and other nationalities by 43.0 percent.' It added: 'Conversely, revenues from Jordanian expatriates visiting the Kingdom registered a modest decline of 0.8 percent over the same period.' Spending by Jordanians on outbound tourism rose 3.3 percent year on year in the first half of 2025, reaching $999.7 million, despite a 22.7 percent decline in June alone, when spending fell to $195.6 million. This comes on the back of a strong start to 2025, with Jordan welcoming 1.51 million visitors in the first quarter — a 13 percent increase from the same period last year — while receipts rose 8.85 percent to 1.22 billion Jordanian dinars ( $1.72 billion), according to the Ministry of Tourism and Antiquities' first-quarter report. The recovery was further supported by the return of air connectivity, which had nearly disappeared in 2024. New agreements with European carriers expanded the number of low-cost direct routes to 25 this year, including 20 to Amman for the summer and five to Aqaba in the winter. These routes are expected to bring in around 270,000 travelers, the report added. Looking ahead, the ministry said it is developing a new National Tourism Strategy for 2025–2028, building on the previous plan and aligning with the country's Economic Modernization Vision. The updated roadmap aims to diversify source markets, including China, India, Russia, Africa, and Southeast Asia, and promote high-potential segments such as medical, wellness, faith-based, adventure, and meetings, incentives, conferences, and exhibitions, or MICE, tourism.
Arab News
4 hours ago
- Arab News
EU pledges $46.4bn for MENA renewables, borders, and migration
JEDDAH: Renewable energy, border security, and migration pathways in the Middle East and North Africa will receive €42.5 billion ($46.4 billion) from the EU from 2028, it has been announced. This doubled financial commitment, under a new funding instrument, aims to enhance stability and cooperation in the region. Speaking during a press conference in Brussels on July 17, EU Commissioner for Democracy and Demography Dubravka Suica said the increased budget reflects the bloc's strategic shift toward deeper cooperation with countries in region. 'This is a strong financial toolbox, with which we will invest in stability, security and prosperity, through mutually beneficial partnerships with our Southern neighbors in the Middle East, North Africa and the Gulf,' she said, emphasizing that the Mediterranean is not only a region of challenges but also one of opportunities. Suica further noted that the EU will support partner countries in addressing the underlying causes of socio-economic fragility, which she said are central to political instability and radicalization. She added that the bloc will also confront the challenges of the green transition by investing in renewable energy projects, benefiting citizens on both sides of the Mediterranean. 'These increased funds will enable us to respond more effectively to an increasingly volatile geopolitical context right at our doorstep,' the commissioner said. She stressed that the stability and prosperity of the Mediterranean are directly linked to Europe's own. 'Their safety is our safety. Their success is our shared success. Their protection of borders is also ours.' Suica described the Multiannual Financial Framework as an instrument that will strengthen the union, both internally and internationally. 'This new framework enables us to better protect our interest on a global stage and protect our values and interests in an increasingly complex geopolitical context,' she concluded.
