Al Baraka Bank signs deal to boost SME financing in Egypt

ByEnigma 808

Al Baraka Bank Egypt is making major moves in the SME game, sealing a deal with the Micro, Small, and Medium Enterprises Development Agency (MSMEDA) to inject EGP 200 million into the economy. This cash infusion will help fuel the growth of small businesses, offering them low-rate refinancing to expand. By September 2025, the bank plans to pump EGP 8 billion into the SME sector, marking its commitment to boosting Egypt’s economic engine.

CEO Hazem Hegazy proudly touted the bank’s 25% SME portfolio, calling it a key driver for jobs and growth. MSMEDA’s Bassel Rahmy praised the bank’s strong performance, saying this partnership will empower youth and entrepreneurs, especially in emerging fields like AI and renewable energy. The bank’s track record? Financing 965 projects across industries and snagging the “Best New SME Product of the Year – Islamic Products” award.

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    Besides writing and being a content creator, Enigma 808 sometimes likes to watch paint dry on walls, listening to ASMR while timing snails racing. Such is life.