MSMEDA, Erada pen EGP 100M financing deal to back micro projects

Updated 11/12/2023 7:44:00 AM
MSMEDA, Erada pen EGP 100M financing deal to back micro projects

Arab Finance: Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) has signed an EGP 100 million financing agreement with Erada to back micro-projects, MSMEDA said in a statement on November 9th.

Nearly 3,000 people are expected to benefit from the financing while funding for one project could reach EGP 220,000, MEMDA’s CEO Bassel Rahmy said.

MSMEDA provided EGP 2.1 billion in financing to around 80,000 projects during the first six months of 2023.

Erada was established in 2022 in partnership between Etisalat by e& and the Sovereign Fund of Egypt (TSFE).

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