(MENAFN- Daily News Egypt) Commercial International bank (CIB) has announced the signing of a strategic cooperation protocol with the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) to bolster support for entrepreneurs and small and medium enterprises (SMEs) across Egypt.
This partnership is aligned with the Egyptian government's plan to stimulate economic growth, boost exports, and support the nation's SMEs in overcoming market challenges and expanding their businesses.
The agreement was signed by Basel Rahmy, CEO of MSMEDA, and Amr El-Ganainy, Deputy CEO and Executive Board Member of CIB, with the presence of Rashwan Hammadi, CEO of CIB's Retail Banking and Financial Inclusion Sector; Yasser Abdellah, Deputy CEO of the Retail Banking Sector; Hani El-Deeb, Head of Sectors, Products, and Credit Relations for Medium and Small Enterprises; Mohamed Medhat, Deputy CEO of MSMEDA; and Dalia El-Mahmoudi, Head of the Central Sector for Marketing and Communications at MSMEDA.
Amr El-Ganainy stated:“We are proud of this partnership, which is a part of our ongoing commitment to supporting the Egyptian economy. By providing both financial and technical support, we aim to empower SMEs and enhance their competitiveness. This will help increase local production, open new export markets, and contribute to sustainable development.”
Basel Rahmy, CEO of MSMEDA, commented:“This partnership is a strategic move toward achieving our agency's objectives in supporting entrepreneurs and developing their businesses. Cooperation with CIB will provide SMEs with the essential tools to grow and expand both locally and internationally, thus strengthening their role in the Egyptian economy.”
Rashwan Hammadi highlighted the significance of the“CIB Business Solutions” program, which offers comprehensive support for SMEs, including services related to export, logistics, legal and tax consulting, and marketing. The program is designed to help companies expand and achieve their export goals.
The agreement aims to create a comprehensive and enabling environment for SMEs by offering a broad range of financial and non-financial services. These services include soft financing, specialized training programs, technical and administrative consultations, and digital platforms designed to connect customers with suppliers.
Additionally, the partnership will organize business events to foster connections between entrepreneurs and potential suppliers. It will also provide flexible financing options and streamline government procedures to expedite growth.
As part of this collaboration, CIB and MSMEDA will focus on raising awareness about sustainable financing initiatives through seminars and conferences that promote the circular economy and environmentally friendly projects. The two organizations are also preparing a guide for financing SMEs, in line with local and international standards, to help businesses adopt innovative technologies that reduce carbon emissions and optimize resource use.
This strategic partnership underscores the commitment of CIB and MSMEDA to foster entrepreneurship and drive economic growth in Egypt by providing crucial support to small and medium enterprises. Together, the two entities aim to achieve a significant shift in the contribution of SMEs to Egypt's GDP while enhancing their competitiveness in both local and international markets.
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