43% of Egypt's SMEs confident about growth in 2023: Mastercard report

Ahram Online , Monday 25 Sep 2023

About 43 percent of Egypt's small and medium-sized enterprises (SMEs) are confident about their ability to grow in 2023, stated a report by Mastercard, a global payment processing company.

Depiction of financial indices. iStockphoto.
Depiction of financial indices. iStockphoto.

Only 36 percent of SMEs in Egypt are expecting to achieve the same or more revenues this year, the report added.
Egypt's SMEs cited access to funding as a key factor for growth.
“The latest Mastercard SME Confidence Index highlighted the urgent need to close the SME funding gap in Egypt and empower the country’s small businesses to realize their full potential,” said Adam Jones, country general manager for MENA central region at Mastercard.

In August, the Financial Regulatory Authority (FRA) introduced new regulations for the financial evaluation of startups to help them secure financing through different means.

Egypt has recently taken serious measures to improve its business and investment climate. 
In July, Egypt's Prime Minister Mostafa Madbouly established a permanent cabinet unit to propose policies, laws, and regulations that ensure the growth and prosperity of local startups.
In December, Egypt came first in the Middle East and North Africa (MENA) region in terms of startup funding, with a total of $45.7 million.
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