Egypt's MSMEDA Allocates EGP 400M to Tasaheel for Micro-Enterprise Financing
Egypt's Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has signed two new contracts with Tasaheel Microfinance Company, allocating a total of EGP 400 million (approx. $8.07 million USD) to finance micro-enterprises across the country.
By the Numbers
EGP 400 Million: Total value of the new financing contracts (approx. $8.07 million).
16,000: Estimated number of micro-projects to be funded.
32,000: Projected new job opportunities to be created.
A Strategic Partnership to Boost Financial Inclusion
This agreement is a key part of MSMEDA's strategy to enhance financial inclusion and support grassroots economic activity. Under the two contracts, MSMEDA will provide the capital to Tasaheel, which will then leverage its extensive network across Egyptian governorates to disburse loans to owners of micro-enterprises. The initiative aims to provide the necessary liquidity for these small businesses to grow, operate, and create jobs.
Leadership on Driving Job Creation
Basil Rahmi, CEO of MSMEDA, emphasized that this agreement aligns with the Egyptian state's vision for economic development. He stated that the agency is keen to cooperate with specialized entities like Tasaheel to reach the largest possible number of citizens, encourage them to enter the world of entrepreneurship, provide sustainable job opportunities, and improve living standards.
About the Partners
MSMEDA (Micro, Small, and Medium Enterprises Development Agency): The key government agency in Egypt responsible for developing the SME sector, implementing national strategies for entrepreneurship, and providing both financial and non-financial support to small businesses.
Tasaheel: One of Egypt's leading and largest microfinance companies. As a subsidiary of the fintech giant MNT-Halan, it has an extensive branch network that enables it to provide financial services to a wide segment of the population across the country.
Looking Ahead
This EGP 400 million allocation is expected to have a significant and direct impact on the Egyptian economy by empowering thousands of micro-entrepreneurs. By fueling the growth of the smallest businesses, this partnership between a key government agency and a leading private sector microfinance company helps to build a more resilient and inclusive economic foundation from the ground up.
Source: Zawya