Cairo: Micro, Small, and Medium Enterprises Development Agency CEO Basel Rahmy affirmed the agency's keenness to activate joint cooperation with major banking and financial institutions, led by Banque Misr, to achieve sustainable development and implement the state's strategy to advance micro-enterprises and expand their financing to encourage self-employment and reduce unemployment.
According to State Information Service Egypt, this announcement came during the signing of a 500 million Egyptian pound contract for the "Tamkeen for Microfinance (3)" project between the agency and Banque Misr Vice CEO Hossam El-Din Abdel Wahab. The contract aims to support existing micro-enterprises, secure employment, and boost economic growth.
Under the terms of the contract, MSMEDA will provide the financing to Banque Misr to re-lend to micro-enterprise owners for working capital and equipment purchases, thereby enhancing production and competitiveness. The initiative targets existing micro-enterprises that secure tax cards after the signing date, offering final beneficiaries loans ranging from 80,000 to 400,000 Egyptian pounds with repayment periods from 12 to 36 months.
In this context, the MSMEDA CEO noted that the new financing targets 2,500 micro-enterprises. He explained that the contract is part of a Ministry of Finance initiative to bring more projects into the formal economy, allowing them to benefit from investment support laws and simplified taxes under Law 6/2025.
He also highlighted the incentives of MSME Development Law 152/2020, noting that coordination is underway with the House of Representatives to introduce positive amendments, notably updating project definitions and doubling business volume limits to fit owners' needs.
For his part, Banque Misr Vice CEO Hossam El-Din Abdel Wahab stated that the contract reflects the continuous fruitful partnership with MSMEDA, building on the success of "Tamkeen 1" in 2021 worth 500 million Egyptian pounds and "Tamkeen 2" in 2024 worth 300 million Egyptian pounds. He added that Banque Misr places great importance on the MSME sector as a core pillar for sustainable economic development.