Basil Rahmi, the CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), recently signed a contract to finance micro-projects with Al-Khair Microfinance. The contract, valued at EGP 30m, is directed toward both new and existing micro-enterprises. The signing ceremony included key representatives: Nevine Badr El-Din, Head of the Central Microfinance Sector at MSMEDA; Hanaa El-Hilali, Managing Director of Al-Khair Microfinance; and Mohamed Fathi, Head of the Financial Sector at Aspire Capital. This strategic move aligns with MSMEDA's action plan to expand financing opportunities for institutions and associations supporting micro-enterprises. The focus extends to Upper Egypt and border areas, in line with the state's broader strategy to enhance these projects. The goal is to encourage self-employment, create jobs, and improve the standard of living for families. The agency's CEO emphasized that the contract benefits various sectors, including commercial, service, agricultural, and production projects. These sectors contribute significantly to the national economy. Additionally, the financing can be used for working capital and the acquisition of machinery and equipment. Rahmi highlighted the agency's commitment to transitioning customers to the formal sector, leveraging incentives provided by the Enterprise Development Law. Approximately 1,000 beneficiaries are expected to receive funding through this contract. The targeted groups, especially those in areas of high need, will benefit from increased job opportunities. This initiative supports micro-enterprises in competing and thriving within the private sector. Al-Hilali emphasized that female breadwinners are among the key beneficiaries of this cooperation. The company, licensed by the Financial Regulatory Authority (FRA), operates 18 branches across Upper and Lower Egypt. Its collaboration with MSMEDA aims to accelerate the growth of micro-enterprises, enabling efficient operations in Egypt's dynamic market.
