Egypt's Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has allocated more than 500 million Egyptian pounds to finance small and micro-projects through partnerships with major banks and financial institutions, according to a Cabinet statement on Sunday. The move aimed at driving economic growth and formalising informal businesses, MSMEDA CEO Basel Rahmy announced a 300 million pound agreement with Banque Misr under the Tamkeen 2 Initiative, targeting 3,000 micro-projects, with 40% of the funds allocated to industrial and agricultural manufacturing. A separate 60 million pound agreement with Erada will finance 1,700 micro-projects, particularly in production and agriculture, to meet local market demands. Expanding its support for startups, MSMEDA is investing $2 million in the P1 Ventures Fund to back high-potential startups, especially those tapping into African markets, in line with Egypt's Vision 2030. In addition, MSMEDA partnered with Commercial International Bank (CIB) to expand non-financial services for entrepreneurs, providing access to financing, business consultancy, and opportunities in government tenders and exhibitions. Rahmy also revealed that 48 million pounds were disbursed to small businesses across all governorates in January, reinforcing MSMEDA's role in fostering entrepreneurship and economic development. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
