Latest news with #Kouchouk
Al-Ahram Weekly
2 days ago
- Business
- Al-Ahram Weekly
Finance ministry provides EGP 5 bln support for Egypt MSMEs - Economy
Minister of Finance Ahmed Kouchouk and the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) CEO Basel Rahmy have signed a cooperation protocol to provide EGP 5 billion, the most significant financial support to date, for Egypt's micro, small, and medium enterprises (MSMEs), according to a statement by the ministry on Sunday. The ministry said the move aims to bolster private sector activity and empower young entrepreneurs. Under the agreement, the Ministry of Finance allocates EGP 5 billion in the newly approved FY2025/2026 state budget to offer low-cost, targeted financing to startups and growing businesses. The funding, effective 1 July, will prioritize high-impact, productive sectors as part of a new strategic partnership between the ministry and MSMEDA. The agreement is part of a broader vision to foster sustainable economic development through fiscal policies that support entrepreneurship, encourage formalization, and deepen local manufacturing and export capacity. It also represents a key milestone in the government's efforts to shift from short-term subsidies to long-term, investment-based support models for job creation and economic empowerment. Moreover, Minister Kouchouk said the initial consensus regarding the protocol has been reached with MSMEDA to fund a series of initiatives. These include support for businesses benefiting from the simplified and unified tax system, entrepreneurship development, and deepening local components in industrial, productive, and export-focused projects. The ministry also plans to direct financing to vulnerable families as part of its economic empowerment efforts, aiming to transition them from welfare to productive activity. 'We're launching a new phase of strategic cooperation with MSMEDA that prioritizes financial sustainability and long-term economic impact. This protocol marks a strong push toward enhancing Egypt's private sector and making economic growth more inclusive,' Kouchouk noted. He added that the ministry will provide highly competitive financing terms throughout the current fiscal year for the first wave of businesses joining the new tax system. This will help reduce costs for small businesses and incentivize formalization. For his part, Rahmy affirmed that the agreement opens promising new avenues for economic inclusion, particularly for young entrepreneurs and startups. 'This partnership reflects our shared belief in the power of emerging enterprises to drive innovation, create jobs, and grow the national economy,' Rahmy said. 'Through the minister's forward-thinking policies, we're seeing a real shift in how financial tools are being used to build long-term resilience and opportunity,' he added. The protocol comes at a time when Egypt is intensifying its support for MSMEs. This sector contributes more than 75 percent of total employment and plays a central role in the country's sustainable development strategy. The agreement also complements other national initiatives designed to formalize the informal economy and expand access to financing and digital tools for small businesses. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
2 days ago
- Business
- Al-Ahram Weekly
Finance ministry to provide EGP 5 bln support for Egypt MSMEs - Economy
Minister of Finance Ahmed Kouchouk and the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) CEO Basel Rahmy have signed a cooperation protocol to provide EGP 5 billion, the most significant financial support to date, for Egypt's micro, small, and medium enterprises (MSMEs), according to a statement by the ministry on Sunday. The ministry said the move aims to bolster private sector activity and empower young entrepreneurs. Under the agreement, the Ministry of Finance allocates EGP 5 billion in the newly approved FY2025/2026 state budget to offer low-cost, targeted financing to startups and growing businesses. The funding, effective 1 July, will prioritize high-impact, productive sectors as part of a new strategic partnership between the ministry and MSMEDA. The agreement is part of a broader vision to foster sustainable economic development through fiscal policies that support entrepreneurship, encourage formalization, and deepen local manufacturing and export capacity. It also represents a key milestone in the government's efforts to shift from short-term subsidies to long-term, investment-based support models for job creation and economic empowerment. Moreover, Minister Kouchouk said the initial consensus regarding the protocol has been reached with MSMEDA to fund a series of initiatives. These include support for businesses benefiting from the simplified and unified tax system, entrepreneurship development, and deepening local components in industrial, productive, and export-focused projects. The ministry also plans to direct financing to vulnerable families as part of its economic empowerment efforts, aiming to transition them from welfare to productive activity. 'We're launching a new phase of strategic cooperation with MSMEDA that prioritizes financial sustainability and long-term economic impact. This protocol marks a strong push toward enhancing Egypt's private sector and making economic growth more inclusive,' Kouchouk noted. He added that the ministry will provide highly competitive financing terms throughout the current fiscal year for the first wave of businesses joining the new tax system. This will help reduce costs for small businesses and incentivize formalization. For his part, Rahmy affirmed that the agreement opens promising new avenues for economic inclusion, particularly for young entrepreneurs and startups. 'This partnership reflects our shared belief in the power of emerging enterprises to drive innovation, create jobs, and grow the national economy,' Rahmy said. 'Through the minister's forward-thinking policies, we're seeing a real shift in how financial tools are being used to build long-term resilience and opportunity,' he added. The protocol comes at a time when Egypt is intensifying its support for MSMEs. This sector contributes more than 75 percent of total employment and plays a central role in the country's sustainable development strategy. The agreement also complements other national initiatives designed to formalize the informal economy and expand access to financing and digital tools for small businesses. Follow us on: Facebook Instagram Whatsapp Short link:
Egypt Independent
2 days ago
- Health
- Egypt Independent
Finance Minister calls for adopting innovative healthcare financing
Minister of Finance Ahmed Kouchouk stressed the need of adopting innovative mechanisms to finance Egypt's healthcare system. Kouchouk highlighted the Finance Ministry's commitment to enhancing international partnerships with diverse stakeholders in support of achieving universal health coverage for all Egyptians. In a meeting with WHO Regional Director for the Eastern Mediterranean, Hanan Balkhy, Kouchouk affirmed that health investment remains a top priority in public spending on human development, noting that EGP 617.9 billion has been allocated to the health sector in the current fiscal year. He stressed that ensuring the financial sustainability of Egypt's healthcare system is essential to expanding the provision of high-quality health services to citizens. Balkhy, accompanied by the Executive Director of the Universal Health Insurance Authority (UHIA) Mai Farid, expressed the WHO's readiness to collaborate with Egypt in advancing innovative health financing and supporting the development of policies aimed at ensuring equitable healthcare services for all citizens. She also emphasized the intention to work jointly on expanding fiscal space for health to enhance service quality. Balkhy further underlined the importance of continued technical cooperation and knowledge exchange in health system financing, as a means to advance progress toward the Sustainable Development Goals in the health sector.
Al-Ahram Weekly
3 days ago
- Business
- Al-Ahram Weekly
Egypt's Ahmed Kouchouk named Africa Best Finance Minister for 2025 - Economy
Egypt's Finance Minister Ahmed Kouchouk was named Africa's Best Finance Minister for 2025 at the Africa 2025 Summit held in London. The award, organized by African Leadership Magazine, recognizes African policymakers advancing financial stability and reform across the continent. Kouchouk was honoured for his role in reviving Egypt's economy, stabilizing macroeconomic indicators, and leading structural reforms that have helped restore investor confidence. African finance ministers, policymakers, and senior economic officials attended the award ceremony. In his acceptance speech, Kouchouk credited the Finance Ministry's team for the progress made. 'Our united efforts have paved the way for vital reforms that continue to energize Egypt's economy,' he said. He outlined Egypt's current economic strategy, which prioritizes private sector empowerment and export-led growth. He also stressed the importance of regional cooperation, noting, 'No African country can succeed in isolation. Together, we can build inclusive, competitive economies that serve all Africans.' Follow us on: Facebook Instagram Whatsapp Short link:
Daily News Egypt
30-06-2025
- Business
- Daily News Egypt
Half of exporters' dues for pre-June 2024 shipments to be paid in cash starting 7 August: Finance Minister
Ahmed Kouchouk, Minister of Finance, announced that 50% of the outstanding dues owed to exporters for shipments made before the end of June 2024 will begin to be paid in cash over a four-year period, starting from the 2025/2026 fiscal year. In a statement issued by the Ministry of Finance on Monday, Kouchouk noted that the disbursements—exceeding EGP 25bn—are expected to benefit around 2,400 exporting companies to date. The measure aims to enhance exporters' cash liquidity, enabling them to scale up production and expand their export activities. It is part of a broader strategy to implement more effective fiscal policies that stimulate economic activity and promote private sector–led growth. Kouchouk confirmed that implementation procedures are already underway in coordination with the Export Development Fund. The actual cash disbursements will commence on 7 August through the National Bank of Egypt, Banque Misr, Banque du Caire, and the Export Development Bank of Egypt. He reaffirmed the Ministry's commitment to settling all arrears related to shipments made before the end of June 2024. Nevine Mansour, Advisor to the Minister of Finance for Institutional Relations, added that 50% of the exporters' arrears will be cleared through a set-off system against their liabilities owed to the Tax Authority, Customs Authority, Social Insurance Fund, and the electricity and gas sectors. She highlighted that more than EGP 70bn in support has been disbursed to over 2,800 exporting companies between 2019 and 2024.
