The Minister of Finance confirmed a substantial allocation
of EGP 5 billion in the new budget, effective July 1st. This represents the
largest economic support dedicated to MSMEs to date. This funding aims to
provide accessible financing for young entrepreneurs, with a specific focus on
priority sectors. This move signals a strong commitment to supporting the
private and productive sectors through a strategic partnership with MSMEDA,
ushering in a new era of impactful collaboration focused on achieving MSMEDA's
financial sustainability and boosting overall economic growth.
Kouchouk further detailed an initial agreement with MSMEDA
to finance various initiatives. These include supporting beneficiaries of tax
facilities, fostering entrepreneurship, and deepening the local component in
industrial, productive, and export projects. Additionally, the partnership will
provide economic empowerment to the most in-need families. He also highlighted
that special, low-cost financing will be available during the current fiscal
year for the first group of businesses joining the simplified and unified tax
system.
Basel Rahmi, CEO of MSMEDA, commended the financial policies
for their role in stimulating the growth of emerging businesses and enhancing
economic activity. He emphasized that the Deputy Minister of Finance's
forward-thinking approach is creating promising opportunities for the economic
empowerment of young entrepreneurs.