Egypt: GlobalCorp receives financing from MSMEDA to support SMEs

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Egypt’s Micro, Small and Medium Enterprises Development Authority (MSMEDA) signed a cooperation protocol with GlobalCorp, a non-banking financial services institution. The agreement will see MSMEDA provide EGP 450m in financing to GlobalCorp over three years, In a move to bolster support for small and medium-sized enterprises (SMEs).

The financing will be disbursed in stages, with EGP 150m allocated annually, amounting to EGP 75m every six months. This aligns with recent directives from the Central Bank of Egypt (CBE) regarding limitations on credit facilities for financial leasing companies.

The signing was attended by Basil Rahmi, CEO of MSMEDA, and Hatem Samir, Chairperson of GlobalCorp, and Diala Saeed, CEO of GlobalCorp.

Samir hailed the new protocol, stating, “This agreement strengthens GlobalCorp’s ability to support SMEs, which are instrumental in driving national economic growth.”

He further highlighted GlobalCorp’s position as one of the top three financial leasing and factoring companies in Egypt, solidified by their expansion into consumer and real estate financing services. Samir commended the Egyptian government’s commitment to supporting SMEs through MSMEDA.

Saeed expressed the company’s longstanding interest in collaborating with MSMEDA since 2017. This new protocol fosters a crucial partnership to finance factoring activities and support GlobalCorp’s strategy of further empowering SMEs.

Saeed elaborated on GlobalCorp’s diverse service offerings, encompassing financial leasing, factoring, real estate financing, and consumer finance. She emphasized that the MSMEDA partnership will also facilitate larger-scale financing for exporters.