Arab Finance: Al Baraka Bank Egypt signed a three-year financing agreement with the Micro, Small, and Medium Enterprises Development Agency (MSMEDA) at a value of EGP 200 million, according to an official statement.

This is part of the bank's strategy to launch innovative financing programs targeting multiple sectors, while refinancing small and medium enterprises (SMEs) and entrepreneurs. The financing will secure competitive returns that encourage them to expand and grow.

Total financing provided to the SME sector reached EGP 8 billion by the end of September 2025, reflecting the lender’s commitment to expanding its support base for this vital sector.

Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt, stated that the deal reflects the bank’s commitment to backing sustainable development and empowering the SMEs, which we consider a key driver of economic growth and job creation.

“These efforts have enabled us to dedicate over 25% of our portfolio to this sector, reinforcing the bank’s role as a developmental and strategic partner to the Egyptian economy, and motivating us to continue providing innovative financing solutions and impactful partnerships that support national growth,” added Hegazy.

On his part, Bassel Rahmy, CEO of the MSMEDA, highlighted that the cooperation with Al Baraka Bank aligns with the agency’s plan to diversify financing mechanisms and meet clients’ needs.

He noted that the agreement also targets entrepreneurship, digital transformation, AI, industrial ventures, machinery modernization, and agricultural, livestock, and IT projects.

Ahmed Soliman, Head of SME Banking at Al Baraka Bank Egypt, mentioned: “To date, the bank has financed 965 diverse projects across sectors including industry, renewable energy, agriculture, pharmaceuticals, healthcare, and trade — an achievement crowned by receiving the ‘Best New SME Product of the Year - Islamic Products’ award from The Digital Banker in 2025."

Last September, Al Baraka Bank Egypt and Elsewedy University of Technology (SUTech) penned a memorandum of understanding (MoU) to provide partial scholarships worth EGP 20 million to university students.

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