MSMEDA signs EGP 20M cooperation agreement with Giza Governorate to develop Mit Okba area
Updated 2/3/2025 10:14:00 AM
Arab Finance: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has signed a contract with Giza Governorate to develop infrastructure in the Mit Okba area with a funding of 20 million, as per a statement.
The project, part of Egypt’s urban upgrading program, aims to replace and renew drinking water networks spanning 6,900 meters, benefiting more than 21,000 residents.
Additionally, the project will create 14,000 work hours for irregular workers.
CEO of MSMEDA Basil Rahmy highlighted that the new contract would continue the ongoing development efforts in the Mit Okba area, reinforcing the Egyptian government’s focus on improving services and living conditions in unplanned areas.
Giza Governor Adel El-Naggar noted that the initiative is crucial in upgrading infrastructure, paving the way for local residents to establish or expand small businesses.
The signing ceremony also included the launch of a microfinance project, with MSMEDA investing EGP 50 million to support small craftsmen and artisans.
This project aims to provide financing for existing or new micro-projects, particularly in industrial and agricultural sectors, with a maximum of EGP 242,000 per beneficiary.
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