MSMEDA signs EGP 30M with Al Khair Microfinance to fund micro-projects in Egypt
Updated 4/29/2024 11:39:00 AM
Arab Finance: The Egyptian Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has signed a new contract worth EGP 30 million with Al Khair Microfinance for funding various new and existing micro-businesses, as per a statement.
The contract aligns with the agency's expansion plan to finance institutions and associations involved in micro-enterprises, focusing on rural and border areas.
This comes in line with the state’s strategy to encourage self-employment, create job opportunities, and improve living standards for the most vulnerable families.
The funding will benefit various commercial, service, agricultural, and production sectors, providing added value to the national economy. It will also facilitate working capital financing and the purchase of machinery and equipment.
Approximately 1,000 beneficiaries are expected to be funded under this contract.
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