5 days ago
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.
