GlobalCorp and MSMEDA Sign Protocol to Boost SME Financing in Egypt

Within the framework of government efforts to support SMEs to develop the National economy, GlobalCorp, a non-banking financial services institution, signed a cooperation protocol with the Micro, Small and Medium Enterprises Development Agency (MSMEDA). The signing was attended by Mr. Basil Rahmi, CEO of MSMEDA, and Mr. Hatem Samir, Chairman of GlobalCorp, and Ms. Diala Saeed, CEO of GlobalCorp.

The protocol aims to provide financing worth EGP 450 mn to GlobalCorp by MSMEDA over three years. The financing will be distributed over several stages, where EGP 150 mn will be provided annually, amounting to EGP 75 mn every six months.

This financing comes in parallel with the decisions taken by the Central Bank of Egypt (CBE) which stipulates that total direct and indirect credit facilities and investments in the securitization portfolios of a single financial leasing company shall not exceed 1% of the total portfolio of loans and credit facilities of the Bank. This is without prejudice to the instructions of the maximum limits for a single client and the parties associated.

The new protocol contributes to enhancing GlobalCorp’s capabilities to support small, medium, and micro enterprises, which contribute to the development of the National economy.

Hatem Samir, Chairman, GlobalCorp

The successful addition of consumer and real estate financing services has strengthened the company’s position as a comprehensive financial force.

Samir praised the great efforts made by the Egyptian government, represented by MSMEDA, stressing that there is great interest in supporting and developing SMEs to achieve significant growth within this vital sector.

Ms. Diala Saeed, CEO of GlobalCorp confirmed that the company has always been keen to deal with the MSMEDA since 2017 and that this new protocol brings a much-welcomed cooperation between GlobalCorp and the Authority to finance factoring activities. And help GlobalCorp in its strategy to further support and finance SMEs.

She added that GlobalCorp group is a non-banking financial services institution works in several fields, including financial leasing, factoring, real estate financing and consumer finance, noting that signing the protocol with the MSMEDA will also help in exporter deals on a larger scale.