Introduction


The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) in Egypt has partnered with Aman Holding to provide substantial financial support aimed at bolstering small and medium-sized enterprises (SMEs). This collaboration, backed by EGP 100 million in funding, is set to drive entrepreneurship and foster economic growth across various regions in Egypt.

Breakdown of the Funding Sources


The EGP 100 million funding is divided into two key contracts. The first, amounting to EGP 70 million, is sourced from the World Bank’s ‘Entrepreneurship Stimulation Project for Job Creation.’ This portion is specifically designed to encourage entrepreneurial ventures that contribute to job creation. The remaining EGP 30 million is provided through an agreement with the Arab Fund for Economic and Social Development, aimed at supporting SMEs and private sector facilities.

Comprehensive Support Beyond Financing


In addition to financial assistance, this partnership between MSMEDA and Aman Holding extends beyond mere funding. It includes a range of services designed to empower entrepreneurs, particularly young people and women, across the country. These services encompass business setup assistance, licensing support, and marketing services, providing a holistic approach to SME development.

Strategic Alliance for SME Empowerment


This partnership was solidified through an agreement between MSMEDA’s CEO, Bassel Rahmi, and Aman Holding’s CEO of Operations and Commercial Affairs, Hazem Maghazi. Rahmi highlighted the significance of this collaboration, noting that it aligns with MSMEDA’s strategy to enhance access to financing for SMEs, especially in underserved regions. "This partnership with Aman will strengthen government initiatives to broaden financial access for small and medium-sized enterprises, enabling young entrepreneurs and women to start new businesses or grow existing ones," Rahmi stated.

Aman Holding’s Commitment to SME Growth


Hazem Maghazi expressed Aman Holding’s pride in renewing its partnership with MSMEDA. He emphasized Aman’s dedication to expanding its financial services, particularly targeting SMEs, through its extensive branch network across Egypt. “This agreement demonstrates our commitment to supporting projects of all sizes, particularly SMEs, and aligns with our vision to build a more inclusive and sustainable financial ecosystem across the country,” Maghazi remarked.

Empowering Entrepreneurs and Promoting Economic Growth


The partnership is not just about providing funds; it’s about creating an environment where entrepreneurs can thrive. MSMEDA will supplement the financial support with essential services like business setup assistance, help with obtaining necessary licenses, and marketing support. Additionally, MSMEDA will offer classification and benefits certificates, enabling project owners to benefit from tax exemptions and other incentives under MSMEDA’s Development Law 152 of 2020.