Strongest economic support with EGP 5bn for MSMEs

Minister of Finance, Ahmed Kouchouk and the Chief Executive Officer (CEO) of Micro, Small and Medium Enterprises Development Agency (MSMEDA), Bassel Rahmy witnessed the signing of a cooperation protocol between both sides, within the framework of the financial policies that support economic activity of private sector and stimulate startups and entrepreneurs, for the purpose of achieving financial sustainability for MSMEDA and enhancing its role in accelerating growth of micro, small and medium enterprises (MSMEs).

 

Minister of Finance, Ahmed Kouchouk affirmed that an amount of EGP 5bn was allocated for MSMEs, which is the strongest economic support in the new budget that came into force this month, which will contribute to providing soft finance for young businessmen/businesswomen, in a steady step to support private and productive sectors as part of partnership with MSMEDA, and within the framework of a new phase of fruitful cooperation with the same, aiming at achieving financial stability for MSMEDA to accelerate economic growth.

 

Kouchouk said that he agreed in principle with MSMEDA to finance a number of initiatives to support "beneficiaries from tax facilities and entrepreneurs" as well as to strengthen the local component in industrial, productive and export projects, besides supporting the needy families through economic empowerment. He clarified that the ministry is going to provide distinctive and cost-effective finance this fiscal year for the first group who join the simplified and unified tax system.

 

The CEO of MSMEDA, Bassel Rahmy expressed appreciation for the financial policies that stimulate growth of startups and boost economic activity, pointing out that the Minister of Finance – with his advanced way of thinking – opens promising horizons for economic empowerment of young entrepreneurs.