Egypt's Small, Medium, and Micro Enterprises Development Authority (MSMEDA) is providing a substantial funding boost of 100 million Egyptian pounds through a new partnership with Aman Group. The agreement aims to expand financial support to small and medium-sized enterprises (SMEs) across Egypt. According to MSMEDA CEO Bassel Rahmy, the funding is divided into two components. A significant portion of 70 million pounds is sourced from the World Bank's World Bank's Catalyzing Entrepreneurship for Job Creation Project aimed at stimulating entrepreneurship and job creation. The remaining 30 million pounds is contributed by the Arab Fund for Economic and Social Development (AFESD), as part of a broader programme designed to support MSMEs, in addition to private sector ventures. The newly established partnership will prioritise young and female entrepreneurs in underserved regions, providing critical financing to help them establish or grow their businesses, Rahmy added. He further emphasised MSMEDA's dedication to fostering stronger ties with private sector companies. By expanding access to financial services, MSMEDA seeks to improve economic conditions and create new job opportunities throughout Egypt.
