Arab Finance: Egypt's Micro, Small, and Medium Enterprises Development Agency (MSMEDA) penned a micro-project financing contract worth EGP 60 million with Erada Microfinance Company, according to a statement.

Basel Rahmy, CEO of MSMEDA, said the deal comes within the framework of the authority’s plan to expand the business of microfinance companies.

Through the newly signed contract, around 1,700 new or existing micro-projects will be financed, Rahmy added.

He indicated that each project would secure EGP 242,000 in funding according to its needs.

On her part, Marian Ghali, Chairwoman of Erada, affirmed the company's commitment to fostering investment opportunities in micro-projects as a key tool for economic growth.

Nevine Badreddine, Head of the Central Sector for Microfinance at MSMEDA, highlighted that the agency previously facilitated EGP 100 million in funding for Erada to support 3,400 micro-projects and offered around 6,644 job opportunities.

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