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MSMEs

Egyptian grocery startup Appetito raises $450K in seed round

Launched in early 2020, Appetito operates through a dark stores model, where products are sourced from manufacturers, and stored in mini fulfilment centers

Egypt’s local dev. Ministry to implement 30K in MSME projects over next 5 years

Funding will be provided through the Ministry’s Local Development Fund, Shaarawy added

New Egyptian businesses don’t have to pay fees: Amazon Payment Services

This move supports Central Bank of Egypt’s (CBE) recent initiative launched to accelerate local businesses’ transition to digital payments

Suez Canal Bank’s SMEs financing up 86%

Suez Canal Bank (SCB) is looking to achieve target rate of 25 percent of their financing portfolio by preparing a plan for SMEs

IFC and Egyptian FinTech Association team up to boost entrepreneurship

“Strengthening the entrepreneurship ecosystem to support these efforts is a strategic priority for IFC in Egypt,” said Walid Labadi, IFC’s country manager for Egypt