The 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 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. 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. 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-sized industrial and productive projects, particularly those engaged in exporting. For his part, El Maghraby said the cooperation represents an important step in Suez Canal Bank’s efforts to support the MSME sector.

Source: Daily News Egypt February 09, 2026 16:20 UTC