The Micro, Small and Medium Enterprises Development Agency (MSMEDA) has announced the injection of over EGP 500 million in financing for micro, small, and medium enterprises (MSMEs) during January. This initiative is part of the agency’s ongoing efforts to support the growth of the MSME sector and promote entrepreneurship across Egypt.
This diversified approach ensures that financial support reaches a wide range of businesses and entrepreneurs across the country.
“This significant injection of funds reflects the government’s commitment to supporting the MSME sector, which is a vital engine for economic growth and job creation,” said a spokesperson for MSMEDA. “We are working closely with our partners to provide the necessary financial resources and technical assistance to help MSMEs thrive.”
The funding will be used to support a variety of MSME initiatives, including:
- Microfinance: Providing small loans to micro-enterprises to help them start or expand their businesses.
- Small business loans: Offering larger loans to small businesses to finance equipment purchases, working capital, and other business needs.
- Entrepreneurship programs: Supporting programs that provide training, mentorship, and other resources to entrepreneurs.
MSMEDA is also working to streamline the loan application process and make it easier for MSMEs to access financing. The agency has launched a number of initiatives to simplify the process, such as online applications and one-stop shops for business registration and licensing.
