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Arab Finance: Egypt’s Micro, Small and Medium Enterprises Development Agency (MSMEDA) has provided new financing worth EGP 500 million to Suez Canal Bank (CANA) to expand lending to industrial and productive projects and strengthen the export capacity of micro, small, and medium enterprises (MSMEs), as per a statement.
The financing will be available to clients across all governorates and can be used to fund machinery, equipment, production lines, raw materials, training programs, and quality certifications.
Under the agreement, small enterprises can access financing of up to EGP 30 million, while medium-sized enterprises can receive up to EGP 60 million.
CEO of MSMEDA Basil Rahmy said the agreement reflects MSMEDA’s commitment to expanding cooperation with major financial and banking institutions to improve access to finance for business owners, enabling them to establish new projects or scale existing ones.
He added that the agreement falls under the Ministry of Finance’s initiative to support exports and encourage MSMEs to expand their export activities, noting that the ministry and MSMEDA are working together to provide multiple forms of support to help business owners access international markets.
