The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has signed a Memorandum of Understanding (MoU) with the Commercial International Bank (CIB) to provide both technical and financial support to micro, small, and medium-sized enterprises (MSMEs) in Egypt. This partnership aims to enhance the growth and development of MSMEs across the country.
Basil Rahmy, CEO of MSMEDA, highlighted the significance of CIB’s broad customer base, which spans across Egypt, as a vital tool in helping entrepreneurs connect with MSMEDA’s one-stop-shop units located in various governorates. These units are designed to simplify business registration processes, allowing entrepreneurs to formalize their operations and become eligible for financing through the bank.
Rahmy also noted the added benefits of the collaboration, such as directing MSMEDA-funded small enterprises to CIB for additional financing beyond MSMEDA’s limits. The partnership will also enable MSMEDA to offer CIB clients access to feasibility studies, marketing support, opportunities to participate in government tenders, and involvement in exhibitions and e-marketing platforms.
The MoU represents a significant step forward in fostering an enabling environment for MSMEs, facilitating their access to vital resources and support for long-term growth and sustainability.
