Latest in Tag: SMEs Highlight
Latest in Tag: SMEs
Supporting these projects top priority in bank’s strategic plan: Hassan Ghanem
65 companies have applied for the second round of the programme
Bank is committed to understanding needs of SMEs, challenges they face to provide them with suitable solutions
The programme targets the integration of ESG principles into Egypt’s small- and medium-sized enterprises across different sectors as well as the development of innovative sustainable finance products tailored to cater to the needs of SMEs and corporates.
This campaign is in line with the Egyptian Government and the Central Bank of Egypt’s directives focused on supporting SMEs and builds on the Bank’s strategy and expansion plan to introduce innovative financial solutions that aid the sustainable development of this promising sector. This campaign also aims to raise awareness of the competitive advantages offered by the Bank through this product, which aims to bridge the financing gap and attract small businesses as new customers. By financing these small businesses, the bank will support job creation and drive economic growth, allowing it to deliver on its goals of providing sustainable financing solutions.
The new product provides financing of up to EGP 5m for SMEs operating in commercial and industrial activities, specially contracting, and activities related to renewable energy. The financing is provided with a special interest rate and a repayment period of up to 5 years.
Over 1,000 exhibitions were organised where sales, contracts exceeded EGP 500m: Trade Minister
EBank staff will also receive training and capacity-building opportunities to better serve financial needs of women-led SMEs
Furthermore, Gamea said that the MSMEDA is currently communicating with owners of small enterprises in industrial complexes in seven governorates, namely Beni Suef, Minya, Sohag, Luxor, Gharbeya, Alexandria, and the Red Sea to determine their needs for specialised financing programmes or various technical services for training, marketing, and other technical support services.
Fund targets to reach EGP 1bn within 5 years: Chairperson Maged Shawky
Funding is no longer biggest challenge facing SMEs, as they need non-financial technical support: Gamal Negm
During a workshop organised by MSMEDA on the new project development law on Tuesday, Badr El-Din added that further EGP 1bn were pumped to finance various projects, including EGP 900m for micro-enterprises. She noted that a new financing product will be launched by the agency that will prioritise solar energy during the coming period.
Todd Wilcox, Deputy Chairperson and CEO of HSBC Egypt, said: “SMEs are a vital engine of growth for any economy and we are delighted to launch the HSBC Foras Trade Fund to support them. The fund is designed to help strong Egypt businesses with bold visions to enter new trade markets, re-engineer their supply chains, innovate, and to play an active part in supporting the ongoing growth, modernisation and diversification of the country’s economy.”
The minister said, in a statement issued by the Ministry of Finance on Saturday, that the past three years witnessed maximizing the participation of small and micro enterprises in meeting the needs of government agencies, explaining that small and micro companies won 75.8% of government contracts during fiscal year (FY) 2020/21, compared to 69.6% in FY 2018/19.
Partnership will attract new entrepreneurial flows into local market
Mahmoud Sharawy, Minister of Local Development, said that the national project for community, human and local development “Mashrouak” (Your Project) has contributed, since the start of FY 2021/2022, to the implementation of 3,500 projects, with funding of EGP 746m. These projects have contributed to generating about 42,000 jobs. The total projects implemented by “Your Project” …
Sponsor will assist SME market listed companies to develop their investor relations
Prime Minister witnesses launch of ‘Tamayuz’ index to measure SMEs market performance
EJB announces African Junior Business Initiative during IPAs Africa Forum
Decision taken to oblige exporting companies to contract with registered sponsors for structuring process, develop investor relation capabilities
These companies include Waqty, Amwal, and Tal2a, with payments possible through more than 15,000 service outlets available across the country belonging to these companies.
Vehicle owners can pay for conversion in instalments over 1-5 years
Trade Minister Nevine Gamea invites SME owners to obtain project classification certificate to enjoy benefits, incentives of new law
Training programmes developed based on market needs, it is planned that 600 job opportunities would be provided for youth after completing training
Bank’s SMEs portfolio reaches EGP 2bn, retail banking records EGP 1.2bn in 2020, says Chairperson Hussein Refaey
Country provides 623,500 loans for small, micro projects from July 2014 to late 2020
EU-funded projects were implemented under agreement of addressing root causes of irregular migration
Bot to serve as reliable source of information and guidance to assist start-ups at each stage: Founder of Rise Up
Local market banks involved in project agree to increase lending rates in next stage, says Local Development Minister
FEDCOC signs cooperation protocols with Egyptian banks to provide easy financing mechanism for youth