Banque Misr has signed a 400 million Egyptian Pounds Loan with the Small and Medium Enterprises Development Agency (MSMEDA) to finance SMEs.
Since cooperation started between Banque Misr and MSMEDA, the bank has got nearly 1,6 billion LE from the governmental authority.
The loan’s term is five years and is meant for setting up projects, creating permanent and temporary jobs, and raising production and income.
Banque Misr has signed this loan in order to diversify its funding sources to use it in financing micro, small and medium enterprises.
On April 24, Prime Minister Sherif Ismail issued a decree to merge the SFD with the MSMEDA to become one entity, working to upgrade and develop the SMEs sector by offering financial and non-financial services.
The agency will also be coordinating with all SMEs entities and initiatives to make sure these calls are implemented.