The Medium, Small and Micro Enterprises Development Agency (MSMEDA) has signed a new EGP 30m financing agreement with Flind, a licensed digital non-bank financial institution, to expand support for small and medium-sized enterprises (SMEs) across Egypt. The agreement is funded by the World Bank through its Entrepreneurship Support for Job Creation project. The signing was witnessed by MSMEDA CEO Bassel Rahmy, and formalized by Osama Bakry, Head of the Central SME Financing Sector at MSMEDA, and Ahmed Zaky, Managing Director of Flind. Also in attendance were Mohamed Medhat, Deputy CEO of MSMEDA, along with senior representatives from both organizations. Rahmy emphasized that MSMEDA remains committed to increasing access to finance for SMEs in all governorates, particularly in industrial and production sectors. He noted that the agency is working to diversify financing channels—either through direct lending or via partnerships with intermediaries—to facilitate easier, broader access for business owners across the country. "The agreement with Flind aims to support the development and expansion of existing SMEs by providing funding for growth, asset renewal, and productivity enhancement. It also helps create sustainable job opportunities, particularly for youth, women, and recent graduates," Rahmy said. The financing package will offer loans starting at EGP 100,000 and reaching up to EGP 5m, tailored to project requirements. Flind's Managing Director Ahmed Zaky expressed his enthusiasm for partnering with MSMEDA, highlighting the importance of using advanced digital tools to deliver fast, fair, and flexible financing to SMEs. He added that Flind is the first licensed digital non-bank financial institution by the Financial Regulatory Authority (FRA) dedicated to SME financing. Zaky stated that Flind aims to inject EGP 1bn into the SME sector during its first year of operations, focusing primarily on short-term loans. "Through simplified digital procedures and an inclusive financing model, we're working to close the funding gap that still limits SME growth in Egypt," he said. This partnership marks a significant step toward digitalizing SME finance and promoting economic development through targeted support for small businesses—key drivers of employment and production in Egypt.
