Bassel Rahmy, CEO of the Small and Medium Enterprises Development Authority (SMEDA), and Engineer Hazem Maghazi, Chief Business and Commercial Officer at Aman Holding, signed a new cooperation agreement.
The agreement involves a total of EGP 100 million in funding from SMEDA to Aman Company.
These funds will be made available through Aman’s branches across various governorates to citizens interested in starting small and medium enterprises (SMEs), particularly targeting young entrepreneurs and women.
Rahmy emphasized the Authority’s commitment to strengthening collaboration with various financial institutions in the market.
He highlighted the importance of forming bilateral partnerships with major private sector companies to expand the availability of necessary funding to all citizens, especially in under-served areas in Upper and Lower Egypt.
This initiative aims to help them start or expand their businesses, thereby creating job opportunities and improving their living standards.
Rahmy explained that the new agreement with Aman for Project Financing amounts to EGP 100 million, divided into two contracts. The first contract, worth EGP 70 million, is funded by the World Bank under the “Catalyzing Entrepreneurship for Job Creation” project, which aims to encourage entrepreneurship.
The second contract, valued at EGP 30 million, comes from the Arab Fund for Economic and Social Development (AFESD) as part of the agreement to support SMEs and micro-enterprises in the private sector.
The SMEDA CEO stressed the importance of enhancing the partnership between the government and the private sector in providing funding and services to citizens looking to start or develop SMEs.
He noted that the new agreement specifically aims to provide funding for young and female entrepreneurs through the branches of private sector companies with which the Authority has partnered, spread across Egypt’s governorates.
Rahmy added that this new collaboration with Aman for Project Financing will support the government’s efforts to expand financing services for SMEs, particularly for young people and women.
This will help them start new projects or develop their existing ones.
He also mentioned that the funding available to citizens will be complemented by a package of specialized services offered by SMEDA.
These services include assistance with establishing businesses, obtaining necessary licenses, marketing, and receiving certification that enables entrepreneurs to benefit from tax incentives and exemptions under the SME Development Law No. 152 of 2020.
Engineer Hazem Maghazi, Chief Business and Commercial Officer at Aman Holding, noted that this agreement aligns with the company’s efforts to expand its financing services and support a wider range of projects, especially small and medium-sized enterprises, through its branches.
This contributes to the company’s vision of building a more inclusive and sustainable financial community across Egypt.
Maghazi affirmed the company’s strong commitment to supporting SMEs and micro-enterprises in Egypt.
He expressed his enthusiasm for this bilateral cooperation and its direct contribution to achieving the shared goals of both entities, which include supporting entrepreneurs and creating new job opportunities that enhance sustainable economic development in Egypt.
