Egypt's Ministry of Finance and the MSMEDA signed a cooperation protocol to enhance financial sustainability for the agency and to support startups and private sector-led economic activity, as per an official statement on Sunday. Starting July 1, the new state budget includes EGP 5 billion in funding for MSMEs, the largest support to date. This funding will offer targeted, low-cost financing to young entrepreneurs in priority sectors. The initiative also sets the foundation for a new, more impactful phase of partnership between the ministry and MSMEDA to drive inclusive economic growth, according to the Ministry of Finance's announcement. Ahmed Kouchouk, minister of finance, noted that an initial agreement was reached with the agency to finance initiatives supporting beneficiaries of simplified tax regimes, entrepreneurship, local industrial content, and export-oriented production. It will also extend economic empowerment to vulnerable households through specialised financing under the current fiscal year. Basil Rahmy, MSMEDA's CEO, expressed appreciation for the ministry's supportive policies, highlighting Kouchouk's forward-looking approach to unlocking opportunities for youth-led enterprises and reinforcing economic resilience. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
