ZAWYA-SNG: Egypt: MSMEDA signs funding agreement with Suez Canal Bank

About this update from Suez Canal Bank Sae

First published: 10-Feb-2026 10:15:11Staff WriterThe Micro, Small and Medium Enterprise Development Agency (MSMEDA) has signed a financing agreement worth EGP 500m with Suez Canal Bank to expand funding for industrial and productive projects and support export activities.The agreement forms part of joint efforts to enhance the export capacity of micro, small and medium enterprises (MSMEs), in line with the state’s strategy to achieve sustainable economic development and increase Egyptian exports.The agreement was signed at Suez Canal Bank’s headquarters by Basil Rahmy, Chief Executive Officer of MSMEDA, and Akef El Maghraby, Chief Executive Officer and Managing Director of Suez Canal Bank. The signing was attended on behalf of MSMEDA by Mohamed Medhat, Deputy CEO, and Mohamed Osama Bakry, Head of the MSME Sector, while Suez Canal Bank was represented by Shehab Zidan, Deputy CEO and Managing Director, and Omar Nasser, Head of the MSME Sector.On the sidelines of the signing, Rahmy stressed MSMEDA’s commitment to strengthening cooperation with leading financial and banking institutions to expand access to finance for project owners, enabling them to establish new ventures or expand existing ones. He noted that this would help boost local production and support comprehensive economic development.Rahmy explained that the agreement falls under the Ministry of Finance’s export support initiative, which aims to encourage MSMEs to expand their export activities. Through close coordination between the ministry and MSMEDA, various forms of support are provided to this sector—particularly industrial and productive projects—to help them access foreign markets. He added that special attention is being given to border governorates, Upper Egypt, and women’s economic empowerment, in line with the state’s priorities.He added that MSMEDA operates in accordance with strategic plans and initiatives aimed at improving the business environment, creating favourable conditions for entrepreneurship, and encouraging labour market participation. These efforts focus on supporting exports, increasing local content in industrial and productive projects, enhancing competitiveness, and expanding access to target markets.Rahmy also praised the ongoing cooperation between MSMEDA and Suez Canal Bank in supporting MSMEs, noting that the new funding will primarily target small and medium-size...

View stock analysis, news, and events for Suez Canal Bank Sae