Egypt’s MSMEDA secures EGP 900m in microfinancing in ’24

The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has secured nearly 900 million Egyptian pounds through 41 new agreements with private companies and non-governmental organizations (NGOs) to support microenterprises throughout 2024. These efforts have directly facilitated the distribution of approximately 80,000 loans, focusing on underserved regions and demographics across Egypt, according to a Cabinet statement on Wednesday.

Women received 50 per cent of the loans issued, highlighting MSMEDA’s commitment to empowering female entrepreneurs, while youth benefited significantly, accounting for 35 per cent of the total loans. In a targeted effort to address regional inequalities, 50 per cent of the financing was directed to Upper Egypt governorates.

Loans ranged from 3,000 to 242,000 pounds, tailored to meet the unique needs of microenterprises. Specialised funding was allocated to handicrafts and heritage industries through MSMEDA’s Herfa (Handicrafts) Programme, while broader initiatives supported productive and agricultural projects.

Looking ahead to 2025, MSMEDA plans to further expand its financing efforts, focusing on green economy projects and facilitating the transition of businesses from the informal to the formal sector. The agency also intends to introduce new financial products specifically designed for women, while continuing to support existing economic clusters and local industries.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser