Egypt’s MSMEDA, Aman sign $2.04mln funding agreement

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Egypt’s Micro, Small and Medium Enterprise Development Agency (MSMEDA) has signed a new cooperation agreement with Aman Holding, providing a total of EGP 100m in funding for the company to distribute to citizens seeking to establish small and medium-sized businesses.

The agreement, signed by Bassel Rahmi, CEO of the MSMEDA, and Hazem Maghazi, CEO of Operations and Commercial Affairs at Aman Holding, will allow Aman to provide funding to individuals, particularly young people and aspiring entrepreneurs, through its branches across the country.

“The agreement with Aman to finance projects is worth EGP 100m and consists of two contracts,” explained Rahmi. “One contract, worth EGP 70m, is part of the World Bank’s ‘Entrepreneurship Stimulation Project for Job Creation’, which aims to encourage entrepreneurship. The second contract, worth EGP 30m, is part of an agreement with the Arab Fund for Economic and Social Development to support micro, small and medium-sized enterprises and private sector facilities.”

Rahmi emphasized the agency’s commitment to strengthening cooperation with financial institutions operating in the market and forming partnerships with major private sector companies to expand access to funding for small and medium-sized businesses, particularly for entrepreneurs in areas with greater need for financial services.

“This new cooperation with Aman to finance projects will contribute to the government’s efforts to expand access to financial services for small and medium-sized businesses, supporting young people and women to start new projects or develop existing ones,” Rahmi said.

“The funding available to citizens will be followed by a package of distinguished services provided by the MSMEDA, including establishment services, obtaining necessary licenses, and marketing services.

Additionally, the agency will provide classification and benefits certificates that qualify project owners to take advantage of tax benefits and exemptions outlined in the MSMEDA Development Law 152 of 2020.”

Hazem Moghazi, CEO of Business and Commercial Affairs at Aman Holding, expressed his pride in renewing the cooperation with the MSMEDA.

“This agreement aligns with our efforts to expand our financial services and support more projects of all sizes, especially small and medium-sized businesses, through our branches,” he said. “This contributes to our vision of building a more inclusive and sustainable financial community across the republic.”

Moghazi reaffirmed the company’s commitment to supporting micro, small, and medium-sized enterprises in Egypt, expressing his enthusiasm for this partnership and its potential to achieve shared goals of supporting entrepreneurs, creating new jobs, and promoting sustainable economic development in Egypt.