The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) provided over EGP 500m in financing for MSMEs in January 2025, in collaboration with leading banks and financial institutions, alongside direct funding through its branches across Egypt. This initiative aligns with the government's strategy and the directives of the Prime Minister and MSMEDA Chairperson to support small businesses and empower entrepreneurs nationwide. Basel Rahmy, CEO of MSMEDA, announced that the agency signed a EGP 300m contract with Banque Misr under the Tamkeen Microfinance 2 project, enabling financing for approximately 3,000 micro-enterprises. He highlighted that loan amounts can reach up to EGP 500,000 per beneficiary, leveraging the bank's extensive network across governorates, villages, and districts. Notably, 40% of this funding is earmarked for industrial projects, agricultural manufacturing, and efforts to formalize informal businesses. Additionally, MSMEDA signed a EGP 60m contract with Erada as part of its expansion in microfinance partnerships. This agreement will fund around 1,700 micro-enterprises—both new and existing—with financing up to EGP 242,000 per project, focusing on productive and agricultural ventures to meet local market demands. Rahmy also emphasized MSMEDA's commitment to supporting startups and entrepreneurs through investment funds. The agency contributed $2m to the P1 Ventures Fund, which finances high-potential startups, particularly those with global and African market potential. "In continuation of the Agency's policy to support start-ups and entrepreneurs, through participating in investment funds that support these projects financially and technically, the Authority contributed $2m to the P1 Ventures Fund to provide the funding needed for startups and focus on projects that can compete in global markets, especially African markets," he stated This initiative is part of MSMEDA's investment program launched in partnership with the World Bank under the Entrepreneurship Support Agreement, making it Egypt's first program dedicated to funding venture capital initiatives. In a further step to expand non-financial and technical support, MSMEDA signed a memorandum of understanding with CIB. This partnership aims to assist entrepreneurs in formalizing their businesses, accessing feasibility studies, navigating government tenders, and participating in exhibitions. Beyond these collaborations, MSMEDA directly provided EGP 48m in financing for small enterprises through its branches across Egypt in January, reinforcing its commitment to empowering businesses and fostering economic growth.
