MSMEDA Partners with Enmaa Finance for $3M Financing Deal to Boost SME Exporters

The Micro, Small, and Medium Enterprises Development Agency (MSMEDA), led by CEO Basel Rahmi, has partnered with Enmaa Finance, under the leadership of CEO and Managing Director Tarek El Fayoumi, to sign a $3 million financing agreement aimed at bolstering small and medium-sized exporters. The funding will be provided through Enmaa Finance using the international factoring system, which allows exporters to receive financing against their foreign currency receivables.

Rahmi highlighted that this agreement aligns with Prime Minister Mostafa Madbouly’s directives to support export-focused projects by providing the necessary liquidity in foreign currency. This will help SMEs acquire raw materials and production supplies, enabling them to sustain and expand their operations, improve production, and access new international markets.

This financing initiative falls under the World Bank-backed "Catalyzing Entrepreneurship for Job Creation" project. It will function as a revolving fund, offering short-term loans to export-oriented SMEs for factoring export shipment documents through the international system.

Rahmi noted that the financing is specifically aimed at exporters with foreign currency receivables, targeting those who need foreign currency to import essential raw materials and production inputs.

Source: Daily News Egypt