$100mln allocated to support MSMEs in 2025/2026 budget: Egypt's Finance Minister
The funding is intended to make financing more accessible and affordable for young entrepreneurs, particularly in priority sectors.
This initiative represents a significant step in bolstering the private sector and productive industries, in cooperation with the Micro, Small and Medium Enterprise Development Agency (MSMEDA). It also marks the start of a new phase of collaboration aimed at ensuring the agency's financial sustainability and stimulating economic growth.
As part of these efforts, Finance Minister Ahmed Kouchouk and Basel Rahmi, CEO of MSMEDA, signed a cooperation protocol to implement financial policies that encourage entrepreneurship and support start-ups. The agreement also aims to reinforce MSMEDA's ability to promote the development of micro, small, and medium-sized businesses.
Kouchouk explained that an initial agreement had been reached with MSMEDA to finance several initiatives. These include supporting beneficiaries of tax relief schemes, promoting entrepreneurship, encouraging local production and component manufacturing, advancing export-oriented projects, and enabling economic empowerment for low-income households.
He added that preferential, low-cost financing would be offered this fiscal year to the first group of businesses joining the simplified and unified tax system.
For his part, Basel Rahmi expressed appreciation for the Ministry of Finance's policies aimed at supporting emerging enterprises and stimulating private-sector growth. He praised the minister's forward-looking approach, which he said will help create new opportunities for the economic empowerment of young entrepreneurs.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Business
29 minutes ago
- Gulf Business
PIF unveils Tasama Business Services Company to boost Saudi business ecosystem
Image: Saudi Press Agency Saudi Arabia's Public Investment Fund (PIF) has launched Tasama Business Services Company, a new national entity aimed at strengthening the kingdom's integrated business services and solutions sector and driving economic growth across public and private sectors, the Saudi Press Agency (SPA) reported. The newly established New PIF Company Tasama Set to Propel Saudi Arabia's Business Services Growth. — SPAENG (@Spa_Eng) Tasama will cover all the following areas The company's service offerings will span accounting support, human resources, procurement services, digital tools, incubation programmes, and workspace solutions. Tasama is also expected to support international firms operating or establishing regional headquarters in the kingdom, aligning with Saudi Arabia's push to attract foreign investment. Tasama CEO Engineer Mohammed bin Nasser Al-Jasser said the company aims to position the business services sector as a strategic pillar of Saudi Arabia's economy, fostering innovation, supporting entrepreneurship, and cultivating local talent. 'Our goal is to transform the business services landscape, becoming a leading national partner in advancing the technology ecosystem and enabling operational efficiency,' Al-Jasser said. 'We are committed to developing Saudi capabilities and driving economic diversification in line with the PIF's long-term strategy.' The company plans to expand across Saudi Arabia's regions, offering its solutions to a wide base of local and international clients. Its launch marks another milestone in PIF's mission to bolster the kingdom's non-oil economy, promote private sector growth, and position Saudi Arabia as a regional business hub.
Zawya
an hour ago
- Zawya
Egypt: SCZone attracts $8.5bln investments over 3 years
Arab Finance: The General Authority for the Suez Canal Economic Zone (SCZone) has succeeded in attracting investments totaling $8.5 billion over the past three years, according to a statement. These investments mark the signing of 297 projects from various nationalities across the SCZone's ports and industrial zones These contracts include 121 projects, secured in fiscal year (FY) 2024/2025, with investments of $4.4 billion. The authority attributed these achievements to the development of world-class infrastructure and facilities, as well as the development of one-stop services for investors. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
an hour ago
- Zawya
Egypt: CBE, People's Bank of China sign MoU to boost financial cooperation
Arab Finance: The Central Bank of Egypt (CBE) signed a memorandum of understanding (MoU) with the People's Bank of China (PBoC) to strengthen banking and financial ties between the two countries, according to a press release. The agreement was inked between Hassan Abdalla, Governor of the CBE, and Pan Gongsheng, Governor of PBoC, to boost collaboration across various areas of mutual interest. Under the MoU, the two central banks will exchange information and professional expertise, as well as the training and development of staff. The areas of cooperation include monetary policy, financial markets, e-payments systems, financial and supervisory technologies, and banknote issuance. Furthermore, the agreement aims to encourage the use of local currency settlements for cross-border financial and trade transactions, in addition to facilitating direct investments between the two countries to foster economic integration. The deal, which also covers deepening cooperation on Central Bank Digital Currencies (CBDC), backs financial innovation by leveraging advanced technology through conducting joint research and studies, as well as exchanging technical information and expertise. 'This MoU reflects the evolution of the historic ties between Egypt and China. It demonstrates both institutions' commitment to strengthening partnerships between their respective financial institutions in light of global economic developments,' Abdalla stated. He also indicated that this step is expected to 'elevate economic cooperation to more advanced and effective levels.' For his part, Pan said: 'The signing of this MoU marks a pivotal step in advancing economic relations between Egypt and China.' 'This agreement will facilitate the sharing of best practices and regulatory coordination in both jurisdictions, creating an enabling environment to unlock the greater potential of bilateral financial cooperation,' he added. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
