MSMEDA, Banque Misr sign EGP 300M financing deal
Updated 1/21/2025 2:42:00 PMArab Finance: Egypt's Micro, Small, and Medium Enterprises Development Agency (MSMEDA) and Banque Misr inked a financing agreement worth EGP 300 million, according to an official statement.
The facility deal aligns with the Tamkeen Microfinance Project program to expand investments in the micro-enterprise sector and secure job opportunities.
Basel Rahmy, CEO of MSMEDA, said 40% of the financing will be allocated to support industrial projects and agricultural manufacturing.
This comes within the framework of the state’s efforts to increase reliance on local products to meet market needs and reduce imports.
Nevine Badreddine, Head of the Central Sector for Microfinance at MSMEDA, pointed out that the contract aims to finance about 3,000 micro-projects across Egypt’s governorates.
Badreddine added that the size of single financing stands up to EGP 500,000 for each beneficiary.
On January 20th, the MSMEDA signed a micro-project financing contract worth EGP 60 million with Erada Microfinance Company.
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