Cairo - Mubasher: Al Baraka Bank Egypt has signed a new agreement with the Micro, Small, and Medium Enterprises Development Agency (MSMEDA) to receive EGP 200 million over more than three years.

The financing will be used to refinance SMEs and entrepreneurs at competitive rates, supporting business expansion and growth, according to a press release.

The agreement seeks to support youth by funding new or expanding projects, especially for business owners formalizing operations to access state facilities.

It covers diverse sectors, including entrepreneurship, digital transformation, AI, industrial ventures, machinery modernization, agriculture, livestock, and IT projects.

By the end of September 2025, the bank’s total financing to the SME sector reached EGP 8 billion.

Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt, stated: "This agreement with MSMEDA represents a strategic step that reflects Al Baraka Bank Egypt’s commitment to sustainable development and empowering the SME sector, which we consider a key driver of economic growth and job creation.”

“These efforts have enabled us to dedicate over 25% of our portfolio to this sector, reinforcing the bank’s role as a developmental and strategic partner to the Egyptian economy, and motivating us to continue providing innovative financing solutions and impactful partnerships that support national growth,” the CEO added.

Bassel Rahmy, CEO of  MSMEDA, said the partnership with Al Baraka Bank supports the agency’s goal of diversifying financing options and addressing client needs.

For his part, Ahmed Soliman, Head of SME Banking at Al Baraka Bank Egypt, said: "To date, the bank has financed 965 diverse projects across sectors including industry, renewable energy, agriculture, pharmaceuticals, healthcare, and trade.”

Last July, Al Baraka Bank Egypt inked two agreements worth $100 million with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).