Arab Finance: Basil Rahmi, CEO of the Enterprise Development Agency, stressed the agency’s keenness to provide various aspects of financial and technical support to the small enterprise sector, especially through coordination with various financial institutions and entities, in order to facilitate the access of these services to all target groups, noting that the state’s directions always emphasize Giving the small enterprise sector the necessary importance to drive growth rates, as it is one of the pillars of comprehensive economic development, in addition to its ability to create more decent and sustainable job opportunities for young people and new graduates, according to the statement sent on October 21.
Rahmi explained that the agency is moving forward with completing the contract signed with the Credit Company for financing projects affiliated with the GB Capital Group, and granting it financing of 50 million pounds as a second installment to complete the contract concluded with financing of 100 million pounds, especially since the company was able to pump the first part of the financing into the project market. Small and medium enterprises and achieving the required targets
The head of the Enterprise Development Agency indicated that the agency is keen to expand the financing of medium, small and micro projects by providing multiple outlets for financing them through coordination and activating ways of cooperation with the various parties concerned with supporting and financing these projects, in order to facilitate customers’ access to financing that enables them to start new projects or Developing their existing projects, explaining that the second batch will be presented to contribute and will focus on implementing the vision of the presidential initiative “A New Beginning for Human Building,” which is concerned with empowering youth and women and helping them establish new projects that provide them and others with stable job opportunities and raise their economic level.
Rahmi added that financing various types of existing or new medium and small projects in various economic sectors, especially productivity, will be taken into account, in addition to financing the purchase of machinery and equipment and financing working capital, explaining that greater focus will be placed on new projects and projects for women and youth.
For his part, Ahmed Imam, Managing Director of Credit for Small and Medium Enterprises Finance, praised the existing cooperation with the Enterprise Development Agency as it is the sponsor of the small enterprise sector in Egypt and its ability and mechanisms in providing various aspects of support for projects, indicating that cooperation with the Agency focuses on comprehensive development goals, including Export and the green economy, in line with the country’s directions and comprehensive development goals.
Imam added that the first batch of the contract signed with the Project Development Agency included financing of 30% for industrial projects, 10% for sewage treatment projects, and 10% for technological services.
Ahmed Imam stressed that Credit believes that supporting small and medium enterprises is a vital factor in achieving sustainable development and comprehensive economic growth, with a commitment to providing innovative financing solutions that contribute to achieving the aspirations of this category of projects.
It is noteworthy that Credit Company obtained a license to finance small and medium enterprises from the Financial Regulatory Authority last year, which enhances its role in providing innovative financing solutions that contribute to advancing Egyptian economic growth.
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