MSMEDA Partners with Aman Holding to Boost SMEs Growth with USD 2.04 Million in Funding

The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) of Egypt has entered into a cooperation agreement with Aman Holding to provide EGP 100 million (~USD 2.04 million) in funding to support the establishment of small and medium-sized enterprises (SMEs) across the country.

The agreement, signed by MSMEDA CEO Bassel Rahmi and Aman Holding’s CEO of Operations and Commercial Affairs Hazem Maghazi, will enable Aman to offer financial assistance to young entrepreneurs and aspiring business owners through its nationwide branches.

Rahmi detailed that the EGP 100 million funding is split between two contracts: EGP 70 million from the World Bank's "Entrepreneurship Stimulation Project for Job Creation," and EGP 30 million from the Arab Fund for Economic and Social Development. Both contracts are aimed at bolstering SMEs and private sector facilities.

Rahmi underscored MSMEDA’s dedication to partnering with financial institutions and private sector entities to enhance access to funding, particularly in underserved areas, and to further the government’s objectives of supporting young people and women in starting or expanding businesses.

Source: Daily News Egypt