Arab Finance: Egypt has allocated EGP 5 billion in the new budget to back small and medium-sized enterprises (SMEs), effective from July 1^st, Minister of Finance Ahmed Kouchouk announced.

Kouchouk’s remarks came during the signing ceremony of the cooperation protocol agreement with the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) to support private sector economic activity and stimulate startups and entrepreneurs.

The agreement aims at promoting the agency’s financial sustainability and enhancing its role in driving the growth of SMEs sector. This will contribute to facilitating financing for young entrepreneurs, targeting key sectors.

Kouchouk stated that the ministry reached an initial agreement with the MSMEDA to finance several initiatives to support beneficiaries of tax concessions and entrepreneurship. This is in addition to fostering the local component in industrial, productive, and export projects.

The minister highlighted that the ministry would target families in need, adding that they will provide special, low-cost financing during the current fiscal year (FY) to the first group joining the simplified and unified tax system.

Meanwhile, Basil Rahmy, CEO of the MSMEDA, lauded the financial policies that stimulate the growth of emerging entities and boost economic activity, adding that the Minister of Finance opens horizons for the economic empowerment of young entrepreneurs.

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