He stated this aligns with state directives and Prime Minister Dr. Moustafa Madbouly's instructions to facilitate project success and expansion by offering necessary financing. This will generate more decent and sustainable jobs for youth and graduates, contributing to national economic development.
Rahmi's comments were made during the signing of EGP 150
million contract between MSMEDA and the Arab African International Bank (AAIB).
The agreement was signed by Basil Rahmi and AAIB's Vice
Chairman and Managing Director, Tamer Wahid, in the presence of Mohamed Medhat,
Deputy Head of MSMEDA, Osama Bakri, Head of the Central Sector for SME
Financing at MSMEDA, and other officials from both entities.
Rahmi clarified that AAIB will re-lend the funds to SMEs nationwide,
targeting both new and existing businesses, with a focus on startups and
women-owned enterprises. The financing is EGP 15 million for small enterprises
and EGP 30 million for medium ones, to be used for purchasing new machinery and
working capital, subject to specific criteria.
Tamer Wahid, AAIB's Vice Chairman and Managing Director, highlighted the bank's belief in the crucial role of the SME sector in Egypt's economy. He affirmed AAIB's openness to collaborating with partners to offer competitive financing opportunities for this sector. He added that the bank prioritizes the development and growth of the SME sector by introducing new financing products and modern technological solutions in the near future to keep pace with financial sector advancements.