MSMEDA to sign contracts contracts with NBE, United Bank worth EGP 450mln

The Micro, Small and Medium Enterprises Development Agency (MSMEDA) is on track  to sign a contracts with the National Bank of Egypt and The United Bank worth 450 million Egyptian pounds within the next period, MSMEDA Director Nevine Gamea said.

She told Amwal Al Al Ghad that the new contracts will be funded by Khalifa Fund for Enterprise Development and Arab Fund for Economic and Social Development.

on the other hand, MESMEDA has lately signed an agreement with Egyptian Factoring Association to provide funds for companies working in the factoring sector.

Moreover, MESMEDA has signed number contracts with banks during 2018 mainly with Industrial Development & Workers Bank Of Egypt worth 100 million pounds to fund SMEs.

On April 24, then 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.