MSMEDA and Aman Microfinance Ink EGP 160m Deals to Boost Micro-Enterprises
The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has entered into two significant contracts with Aman Microfinance, totaling EGP 160 million.
The primary contract, valued at EGP 100 million, aims to finance various target groups across all governorates under the microfinance initiative.
Concurrently, a second contract worth EGP 60 million focuses exclusively on bolstering women-led micro-enterprises throughout the country.
The formal signing ceremony witnessed the participation of key figures: Nevine Badr El Din, Head of the Central Microfinance Sector at MSMEDA; Hazem Moghazi, CEO of Business and Commercial Affairs at Aman Holding; and Ayman Bassiouni, CEO and Managing Director of Aman Project Finance.
Basil Rahmi, CEO of MSMEDA, expressed enthusiasm about initiating these contracts, marking the commencement of the agency's strategic plans for 2024.
These initiatives align with the government's directives to amplify financial support for micro-enterprises and collaborate with specialized financing entities.
Rahmi emphasized that such endeavors aim to enhance accessibility, particularly for women in rural regions, with a concentrated effort on areas like Upper Egypt and border territories.
The objective remains to facilitate the inception or enhancement of entrepreneurial ventures, subsequently uplifting living standards.
Highlighting the anticipated impact, Rahmi elaborated that approximately 6,400 clients across various sectors—ranging from commerce and services to agriculture—would benefit from this financial infusion.
He underscored the significance of prioritizing productive and industrial projects, given their potential to satiate local market demands and diminish reliance on imports.
On behalf of Aman Microfinance, Hazem Moghazi lauded the collaboration as a testament to Aman's unwavering commitment to nurturing innovation within Egypt's economic landscape.
Expressing optimism, Moghazi conveyed Aman's aspiration for sustained collaboration with MSMEDA, aspiring to fortify small-scale enterprises across additional governorates.
Moghazi further articulated Aman's dedication to amplifying its role in fostering economic growth and employment opportunities within Egypt.
He reiterated the company's steadfast support for budding entrepreneurs, underscoring Aman's historical track record of substantial financial commitments within the Egyptian market.
Such endeavors not only bolster small and medium enterprises but also fortify Egypt's economic infrastructure, reflecting Aman's overarching mission to catalyze sustainable development.
Hossam Mounir / Daily News Egypt
