{"id":616782,"date":"2024-03-11T00:00:00","date_gmt":"2024-03-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/tanmeyah-msmeda-to-lend-out-up-to-egp-200-mn-to-microenterprises-plus-news-from-smokery-house-acdima\/"},"modified":"2024-03-11T00:00:00","modified_gmt":"2024-03-11T00:00:00","slug":"tanmeyah-msmeda-to-lend-out-up-to-egp-200-mn-to-microenterprises-plus-news-from-smokery-house-acdima","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/tanmeyah-msmeda-to-lend-out-up-to-egp-200-mn-to-microenterprises-plus-news-from-smokery-house-acdima\/","title":{"rendered":"Tanmeyah, MSMEDA to lend out up to EGP 200 mn to microenterprises. PLUS: News from Smokery, House, ACDIMA"},"content":{"rendered":"

\n

MSMEs-<\/p>\n

Fresh funds for Egypt\u2019s microenterprises: <\/strong>EFG Holding\u2019s microfinance arm Tanmeyah<\/a> and Egypt\u2019s Micro, Small, and Medium Enterprise Development Agency (MSMEDA) will lend out a combined EGP 200 mn to local microenterprises under an agreement inked between the two sides, according to a joint statement (<\/a>pdf<\/a>)<\/a>. The two sides will hand out loans of up to EGP 220k to some 10k microenterprises.<\/p>\n

What they said:<\/strong> \u201cThrough this partnership, we aim to empower microenterprises by providing not just financial assistance but also the necessary support and resources to thrive,\u201d EFG Finance CEO Aladdin El Afifi said.<\/p>\n

\n

HOSPITALITY-<\/p>\n

The Smokery is heading to Oman: <\/strong>Local fine dining restaurant chain The Smokery has inked a MoU to form a strategic partnership with the Omani government\u2019s Oman Tourism Development Company to launch restaurants and a salmon smoking factory in the country, according to a joint statement (pdf)<\/a>. The project will have an estimated investment of approximately EGP 250 mn over three years. <\/p>\n

The first of many Gulf expansions? <\/strong>The Smokery is also exploring the possibility of expanding into Saudi Arabia and the UAE, a company representative told Enterprise.<\/p>\n

\n

LEGISLATION-<\/p>\n

#1- MPs greenlight amendments to Unified Budget Act: <\/strong>MPs gave final approval to amendments to the United Budget Act that will see the budgets of all 59 of the state\u2019s economic bodies and the state budget presented in a new consolidated budget \u2014 dubbed the Public Government Budget. The amendments were drafted after consultations with international institutions including the IMF. <\/p>\n

** Finance Minister Mohamed Maait last month unveiled the ins and outs of the amendments <\/strong>\u2014 read our coverage here<\/a>.<\/p>\n

#2- Amendments to the Traffic Law<\/strong> were also passed by MPs, raising the price of car plates to EGP 600 from EGP 150 and giving the prime minister the right to further increase prices by 10% every year. The increases will cover the rising cost of manufacturing and support the integration of modern technology in regulating traffic movement.<\/p>\n

\n

PHARMA-<\/p>\n

Egyptian insulin to land in Cuba: <\/strong>Arab Company for Drug Industries and Medical Appliances (ACDIMA) will begin exporting Egyptian-made insulin to Cuba, according to a statement<\/a> from the Health Ministry.<\/p>\n","protected":false},"excerpt":{"rendered":"

The two sides will hand out loans of up to EGP 220k to some 10k microenterprises<\/p>\n","protected":false},"author":1,"featured_media":616783,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,7107,72,955,274,311,7265,427,991,202],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-efg-holding","tag-enterpriseam","tag-hospitality","tag-house-of-representatives","tag-microfinance","tag-oman","tag-pharma","tag-sme-development-authority","tag-tanmeyah","wpautop","entry"],"acf":{"mongo_id":"9a6f7a91-ddbb-4df1-9ae3-20304770b1ff","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/818.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EFG Holding\u2019s Tanmeyah, MSMEDA to lend out up to EGP 200 mn to Egyptian microenterprises","related_issue":[616761],"teaser":"The two sides will hand out loans of up to EGP 220k to some 10k microenterprises","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.d5c95a13-f724-4768-80b4-7cd0411ee31a.mp3"},"yoast_head":"\nTanmeyah, MSMEDA to lend out up to EGP 200 mn to microenterprises. 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The acquisition will allow Tanmeyah access to Fatura\u2019s growing network of merchants, which it would use to fill a large gap in the B2B credit market,\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/TanmeyahxFatura-Signing-1.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571778,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/31\/tanmeyah-micro-enterprise-services-issues-egp-545-mn-securitized-bonds-as-part-of-egp-3-bn-program\/","url_meta":{"origin":616782,"position":1},"title":"Tanmeyah Micro Enterprise Services issues EGP 545 mn securitized bonds as part of EGP 3 bn program","author":"enterpriseam admin","date":"31 May 2020","format":false,"excerpt":"DEBT WATCH- EFG\u2019s Tanmeyah issues EGP 545 mn in securitized bonds as part of EGP 3 bn program: Tanmeyah Micro Enterprise Services has issued EGP 545 mn of one-year securitized bonds, Baker McKenzie\u2019s Cairo office Helmy, Hamza & Partners \u2014 which acted as legal counsel for the EFG Hermes microfinance\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592783,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/06\/ebrd-fra-provide-usd-15-mn-loan-to-fund-green-tech-for-egyptian-smes\/","url_meta":{"origin":616782,"position":2},"title":"EBRD, FRA provide USD 15 mn loan to fund green tech for Egyptian SMEs","author":"enterpriseam admin","date":"6 November 2019","format":false,"excerpt":"EBRD, FDA provide USD 15 mn loan to fund green tech for Egyptian SMEs: The European Bank for Reconstruction and Development (EBRD) and the French Development Agency are providing a USD 15 mn loan to support the use of green energy technologies among Egypt\u2019s small and medium-sized businesses, the EBRD\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558476,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/11\/edita-borrows-egp-150-mn-from-credit-agricole-for-new-production-line\/","url_meta":{"origin":616782,"position":3},"title":"Edita borrows EGP 150 mn from Credit Agricole for new production line","author":"enterpriseam admin","date":"11 August 2021","format":false,"excerpt":"Edita is taking out a seven-year EGP 150 mn facility from Credit Agricole to finance its new baked goods production line, the company said in a statement (pdf) yesterday. The new line is expected to come online in 1Q2022.IN OTHER DEBT NEWS- EFG Hermes-owned microfinance player Tanmeyah could file for\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":587542,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/29\/te-wraps-up-10-divestment-with-share-sale-to-employees-plus-efg-to-launch-new-sme-lender\/","url_meta":{"origin":616782,"position":4},"title":"TE wraps up 10% divestment with share sale to employees. PLUS: EFG to launch new SME lender","author":"enterpriseam admin","date":"29 May 2023","format":false,"excerpt":"The company raised almost EGP 200 mn selling a 0.5% stake to employees","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1536.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561829,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/cbe-raises-withdrawal-transfer-limits-from-mobile-wallets\/","url_meta":{"origin":616782,"position":5},"title":"CBE raises withdrawal + transfer limits from mobile wallets","author":"enterpriseam admin","date":"22 April 2021","format":false,"excerpt":"SMART POLICY- Mobile wallet users can now borrow, withdraw, and transfer larger sums per day under new regulations (pdf) released by the Central Bank of Egypt (CBE). 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