Egypt's current account gap narrows, but overall BoP records deficit    Egypt's PM reviews debt reduction strategy, eyes more private investment    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt, India discuss expanding industrial, investment partnerships    World Bank proposes Egypt join new global health initiative    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian pound ticks down in early Tuesday trading    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Egypt exports 175K tons of food in one week    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



MSMEDA provides EGP 200m to finance 10k micro enterprises
Published in Daily News Egypt on 11 - 03 - 2024

Two new contracts worth EGP 200m were signed between the Micro, Small and Medium Enterprises Development Agency (MSMEDA) and Tanmeyah Microenterprise Services Company. The contracts aim to finance micro-enterprises in various governorates and help informal enterprises formalize their businesses.
The signing ceremony was attended by Basil Rahmi, CEO of MSMEDA, Alaa Al-Afifi, CEO of EFG Finance, a subsidiary of EFG Holding, and Jinu Johnson, CEO and Managing Director of Tanmeyah. Nevine Badr El-Din, Head of MSMEDA's Central Microfinance Sector, represented the agency in the signing.
The first contract, valued at EGP 50m, will help informal enterprises transition to the formal sector and benefit from the incentives provided by the Small Enterprise Development Law No. 152 of 2020. The second contract, valued at EGP 150m, will target all groups of microenterprises across the country.
Rahmi said that these contracts are part of the agency's efforts to implement the state strategy and the directives of Prime Minister Mostafa Madbouly and the Chairperson of the agency, to promote the micro-enterprise sector and expand its financing as a vital sector that creates jobs in various fields.
He explained that the first contract is dedicated to encouraging informal enterprises to join the formal sector, which will enable them to grow their activities and access a range of financial and technical services in line with the Enterprise Development Law 152/2020. This will help them increase their business volume and eventually become small and medium enterprises.
He added that the second contract will serve all target groups in the microfinance field, including young men and women and female breadwinners, to help them develop or expand an existing enterprise or start a new one in all commercial, service, agricultural, production, and industrial sectors.
Rahmi estimated that about 10,000 beneficiaries will be financed through the two contracts.
Al-Afifi, CEO of EFG Finance, said that this agreement between Tanmeyah and MSMEDA demonstrates the vital role of such strategic partnerships in achieving comprehensive economic development.
He indicated that through this partnership, Tanmeyah aims to enhance the capacity of micro-enterprises to grow their businesses, by providing them with financial support and the necessary resources to achieve that growth. He emphasized that the parties of the contract have confidence in the pivotal role of the entrepreneurship sector in driving economic development.
Johnson, CEO and Managing Director of Tanmeyah, said that this partnership reinforces the commitment of both parties to boost economic growth and improve financial inclusion in Egypt.
He added that this partnership also reflects the company's strong commitment to supporting micro-enterprises, especially in areas that lack adequate financing solutions.


Clic here to read the story from its source.