Egypt's Medium, Small, and Micro Enterprise Development Agency (MSMEDA) signed on Tuesday a financing agreement worth 300 million Egyptian pounds with Banque Misr to support micro-enterprises under the Tamkeen Microfinance Project (2). The initiative aims to finance approximately 3,000 micro-enterprises across Egypt, with individual funding reaching up to 500,000 Egyptian pounds. Basil Rahmi stated that the agreement aligns with MSMEDA's 2025 strategy to expand funding in the micro-enterprise sector, fostering job creation and economic growth. The initiative also seeks to encourage informal businesses to transition to the formal sector, leveraging the benefits provided under the Enterprise Development Law No. 152 of 2020. Additionally, 40 per cent of the funding will target industrial projects, agricultural manufacturing, and related activities to support the government's efforts to boost local production and reduce imports. Amr Demerdash, Head of the Medium, Small, and Micro Enterprises Sector at Banque Misr, highlighted the success of the first Tamkeen project in 2021, which allocated 500 million Egyptian pounds and benefited over 7,000 micro-enterprises. He affirmed the bank's commitment to supporting entrepreneurship, financial inclusion, and sustainable economic growth, aligning with the Central Bank of Egypt (CBE) directives and the government's vision for the micro-enterprise sector. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
