MSMEDA, UNIDO launch solar energy financing program

Updated 11/3/2024 4:51:00 AM

Arab Finance: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has introduced a new financing program targeting companies in Egypt’s solar energy sector, in partnership with the United Nations Industrial Development Organization (UNIDO), as per a statement.

This program aligns with the agency's commitment to sustainable practices, supporting the growth of eco-friendly enterprises, and reinforcing the country’s shift toward renewable energy sources.

CEO of MSMEDA Basil Rahmi indicated that the program is designed to foster investment in solar energy, encourage private sector involvement in achieving sustainable development goals, and offer solar energy to all agricultural, industrial, and productivity projects at competitive prices.

Rahmi emphasized that the program offers a comprehensive support package, including financing, training, and consultancy services.

This support aims to enhance business expansion and competitive positioning within the domestic market.

In line with the state’s directives to promote green energy, the program provides access to various financing mechanisms tailored for companies specializing in solar panel supply, installation, and maintenance.

Small-scale projects can apply for up to EGP 30 million in funding, while medium-sized projects can receive up to EGP 60 million.

These loans offer flexible repayment schedules and competitive interest rates, encouraging businesses to invest in solar energy infrastructure.

Rahmi called on small and medium enterprises (SMEs) nationwide to apply through MSMEDA’s regional offices to take advantage of the program’s benefits.