MSMEDA Signs EGP 30M Contract to Finance Micro-Projects

The Micro, Small and Medium Enterprises Development Agency (MSMEDA), signed a contract to provide financial support to micro-projects with AlKhair Microfinance Company, with a total value of EGP 30 million.

CEO of MSMEDA, Bassel Rahmy, confirmed that this agreement is expected to benefit around 1,000 recipients. Its primary objectives include generating more employment opportunities and enabling micro-enterprises to compete effectively in the market.

Furthermore, he clarified that this contract will be advantageous to a wide range of sectors, including commerce, services, agriculture, and manufacturing projects.

Rahmy emphasized that this initiative aligns with the agency's strategic plans to expand funding for institutions and associations involved in financing micro-projects.

Over a period of 10 months, MSMEDA has already disbursed LE 4.1 billion to finance approximately 128,000 projects across Egypt, leading to the creation of 212,000 job opportunities.

During a meeting between the CEO of MSMEDA and Prime Minister Mostafa Madbouly in November 2023, the progress and accomplishments of the agency from January to October 2023 were discussed.