Egypt’s Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has partnered once again with Banque du Caire to launch two new financing agreements totaling EGP 500 million, aimed at expanding support for micro-enterprises across Egypt. These agreements place special emphasis on empowering women and youth, aligning with Egypt’s broader goals of economic inclusion and sustainable development under Vision 2030.
The contracts, signed by Mohamed Medhat, Deputy CEO of MSMEDA, and Ayman Khattab, Head of Financial Institutions at Banque du Caire, were witnessed by MSMEDA CEO Basil Rahmi and Banque du Caire CEO Hussein Abaza, along with senior officials from both institutions.
Women and Youth: Key Drivers of Inclusive Growth
The new agreements aim to finance approximately 5,300 micro-projects nationwide, with individual loans up to EGP 500,000, facilitating both start-ups and expansion of existing businesses. It is worth noting that:
- 35% of MSMEDA’s microfinance portfolio clients are women, underscoring a dedicated effort to close gender gaps in access to credit.
- 54% of funded clients are youth, demonstrating the focus on supporting young entrepreneurs.
- Around 51% of Banque du Caire’s microfinance customers are located in Upper Egypt, a region prioritized for economic development.
Since 2012, MSMEDA and Banque du Caire’s partnership has financed over 862,000 micro-projects with total funding exceeding EGP 16.5 billion, resulting in the creation of approximately 1.3 million job opportunities, especially benefiting women and youth in underserved areas.
Formalization and Financial Inclusion
The agreements promote formalization of informal micro-enterprises by providing incentives and support to register officially, unlocking access to government-backed benefits, tax incentives, and social protections. MSMEDA offers not only financial products but also assistance with legal documentation and business training.
Banque du Caire complements this with its extensive network and tailored non-financial services, ensuring entrepreneurs receive the full spectrum of support necessary for growth and sustainability.
Conclusion
The collaboration between MSMEDA and Banque du Caire exemplifies Egypt’s commitment to inclusive economic development. By focusing on women and youth, this initiative not only addresses unemployment and poverty but also advances the nation’s agenda for a resilient, diversified economy that leaves no one behind.
