Latest news with #BasilRahmy
Zawya
4 days ago
- Business
- Zawya
Egypt: MSMEDA pens $3mln microfinance contracts with Alexandria Business Association
Arab Finance: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has signed two new contracts worth a combined EGP 181 million with the Alexandria Business Association (ABA) to support microfinance initiatives across Egypt, as per a statement. The signing, attended by MSMEDA CEO Basil Rahmy and ABA Chairman Mohamed Hano, marks the launch of two projects: an EGP 100 million microfinance initiative and an EGP 81 million agricultural investment and livelihood support program. The agreements are part of MSMEDA's broader plan to expand its microfinance portfolio by working with a growing number of intermediary and development partners. These funds will help finance around 3,600 projects across the commercial, agricultural, service, livestock, and industrial sectors, with financing up to EGP 200,000 per project. Rahmy emphasized that the agency remains committed to expanding partnerships with development entities to support the microenterprise sector, a key pillar of the national economy. He noted that the new contracts target sectors with high employment potential, including handicrafts and agricultural projects, both of which meet local market needs and hold promise for global market access. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
5 days ago
- Business
- Zawya
Egypt: MSMEDA signs $592,829 financing deal with Flend to support SMEs
Arab Finance: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has signed a new EGP 30 million financing contract with Flend, as per a statement. The contract, funded under the World Bank's Catalyzing Entrepreneurship for Job Creation Project, aims at expanding support for small and medium enterprises (SMEs) across Egypt through advanced technological solutions. It was signed by Osama Bakri, Head of the Central Sector for SMEs Finance at MSMEDA, and Ahmed Zaki, Managing Director of Flend. CEO of MSMEDA Basil Rahmy affirmed that the agreement reflects the agency's broader strategy to boost financing for SMEs in all governorates, particularly in industrial and production sectors. He stated that the agency is committed to facilitating access to finance either directly or through intermediaries, with a focus on diversifying financing channels to meet the needs of business owners nationwide. The new contract aims to support existing SMEs in expanding, upgrading, and increasing their production capacity, Rahmy said, noting that financing will range from a minimum of EGP 100,000 to a maximum of EGP 5 million, depending on project requirements. He added that this step is expected to enhance the stability of SMEs and contribute to job creation, especially for women, youth, and graduates. For his part, Zaki said that Flend plans to inject EGP 1 billion in financing during its first year of operations, primarily through short-term lending solutions.
Zawya
16-05-2025
- Business
- Zawya
MSMEDA, AAIB sign financing agreement to back MSMEs in Egypt
Egypt - The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) and Arab African International Bank (AAIB) signed a contract worth EGP 150 million to finance mircro, small-, and medium-sized enterprises (MSMEs), as per a statement. Basil Rahmy, CEO of the MSMEDA, sealed the financing agreement with Tamer Waheed, Vice Chairman and Managing Director of AAIB. This falls under Prime Minister Mostafa Madbouly's directives to expand the financing for MSMEs in order to increase its production, create job opportunities, and contribute to developing the national economy. Under the joint deal, the AAIB will relend financing to MSMEs across all Egypt's governorates, targeting the owners of new and existing MSMEs, with a focus new projects and women-owned businesses. Rahmy highlighted that the bank will provide a maximum financing of EGP 15 million for small projects and EGP 30 million for medium projects. The loan will be used to finance the purchase of new machinery and working capital for new and existing projects, as per the requirements. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
24-03-2025
- Business
- Zawya
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. (
Daily News Egypt
23-03-2025
- Business
- Daily News Egypt
Banque Misr partners with MSMEDA in EGP 200m agreement to bolster small enterprises, expand working capital
Ahmed Eissa, Executive Vice President of Banque Misr, has signed a landmark EGP 200m contract with Basil Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), aimed at supporting small enterprises and expanding access to working capital. Funded by MSMEDA, this agreement seeks to facilitate the growth and development of existing small enterprises by offering loans designed to enhance production, boost income, and create job opportunities. By doing so, the initiative contributes directly to economic progress and improved living standards. These loans will be provided at preferential interest rates through Banque Misr's extensive network of over 860 branches and banking units nationwide. The financing will be available to both new and existing business owners, with a particular focus on projects led by female entrepreneurs, thereby diversifying the bank's portfolio and fostering inclusive economic participation. Amr Demerdash, Head of the SMEs Sector at Banque Misr, emphasized that this partnership aligns with the bank's commitment to supporting businesses of all sizes. By offering specialized financial solutions, the bank aims to address both financial and non-financial needs across various economic sectors. Demerdash highlighted Banque Misr's dedication to fostering entrepreneurship and strengthening Egypt's economic foundation by actively participating in initiatives and agreements that expand financing opportunities for enterprises. This, in turn, enhances production, generates employment, and stimulates economic growth. Additionally, these efforts contribute to integrating the informal sector into the formal economy, thereby positively impacting economic indicators and driving higher growth rates. Banque Misr remains committed to unlocking the potential of young entrepreneurs, increasing the number of SMEs, and encouraging both emerging and established businesses across diverse industries. The bank's strategic approach reflects its dedication to sustainable development and long-term prosperity for Egypt. Rahmy reaffirmed MSMEDA's commitment to fostering collaboration with major banks and financial institutions to provide essential financing for small enterprises. This initiative aims to empower business owners and entrepreneurs, particularly in industrial and productive sectors, to strengthen local manufacturing and create sustainable employment opportunities, particularly for recent graduates. He also noted that this financing agreement with Banque Misr will play a crucial role in expanding financial access for businesses across the country, leveraging the bank's vast branch network. A portion of the funding will be dedicated to supporting female entrepreneurs, underscoring the shared commitment of both MSMEDA and Banque Misr to advancing women's economic empowerment and entrepreneurship.
