Egypt’s MSMEDA signs 7 funding deals with international institutions

The Micro, Small and Medium Enterprises Development Agency (MSMEDA) has signed seven funding deals with international institutions, MSMEDA’s Managing Director Nevein Gamea said.

Gamea told Amwal Al Ghad  that the most prominent agreement has been signed  with French Development Agency worth €45 million Dedicated to women’s projects aimed at raising the abilities of the sectors in which women work, whether micro projects or small ones.

She further referred that MSMEDA aims to secure an agreement of  €45 million with European Investment Bank directed to establishing projects in the slums.

Gamea also pointed out to MSMEDA’s imminent funding agreement with the World Bank WORTH $200 million.

She explained that the agency was close to obtaining funding of 27 million euros directed to combat illegal immigration.

On April 24, Prime Minister Sherif Ismail issued a decree to merge the Social Fund for Development (SFD) with the MSMEDA to become one entity, working to upgrade and develop the SMEs sector by offering financial and non-financial services.

Egypt began a strategy aimed at enhancing the SME sector, with the Central Bank of Egypt (CBE) announcing an initiative to fund Egyptian SMEs with LE 200 billion.

MSMEDA, the governmental entity responsible for micro,SMEs projects in Egypt, offers funds for SMEs projects either directly or through banks as mediators.