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MSMEDA Extends EGP 500 mn in New Financing to Suez Canal Bank

MSMEDA Extends EGP 500 mn in New Financing to Suez Canal Bank to Expand Industrial and Productive Projects and Support Exports

The Micro, Small and Medium Enterprise Development Agency (MSMEDA) and Suez Canal Bank have signed a financing agreement valued at EGP 500 million, to be extended by MSMEDA to the Bank. This comes within the framework of the ongoing collaboration between both parties to support industrial and productive projects and enhance their export capabilities, in alignment with the State’s direction toward achieving sustainable economic development and increasing Egyptian exports.

The financing agreement was signed by Mr. Basel Rahmy, CEO of MSMEDA, and Mr. Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, at the Bank’s headquarters. The signing ceremony was attended on behalf of MSMEDA by Mr. Mohamed Medhat, Deputy CEO, and Mr. Mohamed Osama Bakry, Head of the SME Sector at MSMEDA. Representing the Bank were Mr. Shehab Zidan, Deputy CEO and Managing Director, and Mr. Omar Nasser, Head of the SMEs.

On the sidelines of the signing, Mr. Basel Rahmy, CEO of MSMEDA, emphasized the Agency’s commitment to activating various avenues of cooperation with major financial and banking institutions to expand access to necessary financing for project owners. This aims to enable them to establish new ventures or develop existing ones, thereby contributing to boosting domestic production and supporting comprehensive economic development.

“Rahmy” explained that this agreement falls under the Ministry of Finance’s export support initiative, which seeks to encourage micro, small and medium enterprises to expand their export activities. The Ministry and MSMEDA are working jointly to provide various forms of support to this sector and assist industrial and productive enterprises in accessing international markets, with a particular focus on border governorates, Upper Egypt, and women’s economic empowerment, in line with the State’s strategic direction.

He added that MSMEDA operates in accordance with strategic plans and initiatives aimed at enhancing Egypt’s entrepreneurship ecosystem, creating an enabling business environment, and encouraging citizens to enter the labor market. Special emphasis is placed on supporting exports, increasing local content in industrial and productive projects, strengthening the competitiveness of SMEs, and expanding their access to targeted markets.

The CEO of MSMEDA praised the ongoing cooperation with Suez Canal Bank in supporting SMEs, noting that the new financing will focus on industrial and productive small and medium-sized projects, particularly those engaged in export activities.

Rahmy further stated that the new financing will target clients across all governorates in Egypt and will cover the funding of machinery, equipment, production lines, and raw materials used in production processes, in addition to supporting training programs and the issuance of quality certifications. He indicated that small enterprises may receive financing of up to EGP 30 million, while medium-sized enterprises may obtain up to EGP 60 million.

In this context, Mr. Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, stated that this cooperation represents an important milestone in the Bank’s journey to support the SMEs sector. It comes within the Ministry of Finance’s initiative to support exports and encourage enterprises to expand their export activities. The collaboration between the Ministry of Finance and MSMEDA reflects the State’s commitment to providing comprehensive support to this vital sector, particularly industrial and productive projects, enabling them to export and compete in international markets.

El Maghraby added that the Bank places special emphasis on supporting projects in border governorates and Upper Egypt, as well as promoting women’s economic empowerment, in alignment with the State’s objectives of achieving balanced and inclusive development and reinforcing the role of MSMEs as key drivers of economic growth and export expansion.

The CEO and Managing Director of Suez Canal Bank further affirmed that the Bank continues to expand its digital solutions through the “Click” digital financing platform, enabling access to a broader segment of enterprises and simplifying application and financing procedures. The Bank also provides innovative financing solutions and integrated banking services to support entrepreneurs and business owners, contributing to the objectives of Egypt’s Sustainable Development Vision, supporting business expansion, and increasing employment rates.

About Suez Canal Bank:

Suez Canal Bank is an Egyptian joint stock company established as a commercial bank in 1978. The Bank’s issued and paid-up capital amounts to EGP 6.5 billion, distributed over 650 million shares, while its authorized capital stands at EGP 10 billion. Suez Canal Bank provides a wide range of banking products, financial services, and tailored solutions to both corporate and individual clients through 55 branches in Egypt and a representative office in Libya, including one branch dedicated to Islamic banking services. SCB also operates an extensive network of ATMs across Egypt, in addition to a global network of correspondent banks.