Arab Finance: The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) signed a financing agreement with Banque Misr worth EGP 500 million to support micro-enterprises under the Ministry of Finance's initiative to expand access to financing and encourage businesses to join the formal economy, as per a statement.

The funding will finance working capital and the purchase of machinery and equipment to help existing businesses expand, increase production, improve competitiveness, and create permanent and temporary job opportunities.

The financing targets existing micro-enterprises that obtain tax cards after the contract signing date. Individual financing will range from EGP 80,000 to EGP 400,000, with repayment periods of between 12 and 36 months. The program is expected to support around 2,500 micro-enterprises.

Rahmy said the agreement reflects MSMEDA's efforts to expand cooperation with major banking and financial institutions to increase financing for productive and service projects while supporting the state's strategy to promote self-employment and reduce unemployment.