MSMEDA, Kredit Ink EGP 100M Financing Deal For Smes
(MENAFN- Daily News Egypt) The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has entered into a financing agreement with Kredit, earmarking EGP 100m for the support of small-scale projects. Loans will range from a minimum of EGP 500,000 to a maximum of EGP 5m per project.
Basil Rahmi, MSMEDA's CEO, alongside Ahmed Emam, Managing Director and Executive Board Member of Kredit, have formalized the initial phase of the agreement, valued at EGP 50m. The subsequent tranche will follow the full allocation of the first.
Rahmi emphasized MSMEDA's dedication to providing comprehensive financial and technical assistance to the small enterprise sector, a critical pillar for holistic economic growth. The contract aligns with MSMEDA's strategic plan to diversify financing avenues for SMEs and bolster partnerships with entities dedicated to supporting these ventures, thus enhancing financing accessibility for entrepreneurs.
The agreement aims to fund a variety of existing and emerging SMEs across numerous economic sectors, with a focus on financing equipment, machinery, and operational capital.
Emam commended the ongoing collaboration with MSMEDA, recognizing its role as a pivotal supporter of Egypt's small enterprise sector. He acknowledged MSMEDA's effective support mechanisms and its alignment with national development objectives, including exports and eco-friendly initiatives. Emam also highlighted Kredit's status as a pioneering SME financier in Egypt, committed to aiding the manufacturing and export domains.
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