In a strategic move to bolster micro, small, and medium enterprises (MSMEs) in Egypt, the Micro, Small, and Medium Enterprises Development Agency (MSMEDA) and Aman Microfinance have officially signed two groundbreaking contracts totaling EGP 160 million (approximately $5.24 million). The contracts, a significant milestone for 2024, aim to expand financing opportunities for micro-enterprises, particularly focusing on supporting women-led initiatives across various governorates.
The first contract, valued at EGP 100 million, is designated to provide financial support to all target groups under the microfinance project, covering diverse sectors in every governorate. The second contract, amounting to EGP 60 million, specifically focuses on empowering women's micro-enterprises, extending financial assistance to foster growth and sustainability.
Signatories and Key Players
The contracts were formalized through the signatures of key representatives, including 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, emphasized that these contracts mark the initiation of the agency's ambitious plans for 2024. Aligned with the state's directives to enhance micro-enterprise financing, these agreements are expected to foster inclusivity, particularly benefitting women entrepreneurs in rural areas, with a special focus on regions such as Upper Egypt and border areas. Rahmi highlighted the potential impact of these contracts in enabling citizens to initiate new projects or elevate existing ones, ultimately improving their living standards.
Rahmi anticipates that approximately 6,400 clients across all governorates, spanning commercial, service, and agricultural sectors, will benefit from these contracts. Notably, there will be a concentrated effort on supporting productive and industrial projects that address local market needs and contribute to import reduction.
Aman Microfinance's Commitment
Hazem Moghazi, CEO of Business and Commercial Affairs at Aman Holding, expressed Aman's commitment to supporting innovation within the local economy. He emphasized the company's aspirations for ongoing collaboration with MSMEDA to further enhance the success of small projects across more governorates. Moghazi sees this collaboration as instrumental in strengthening Aman's role in fostering growth and job creation in Egypt.
Moghazi emphasized Aman's dedication to supporting entrepreneurs, aligning with their goals in the realm of small projects. The company's success in providing substantial financing in the Egyptian market underscores its commitment to bolstering small and medium enterprises and contributing to economic infrastructure development in Egypt.
In conclusion, the signing of these contracts signifies a significant stride in empowering micro-enterprises, fostering economic growth, and promoting entrepreneurship, particularly among women, across diverse regions in Egypt.