MSMEDA to provide funds of EGP4.5bn to SMEs by year end
Egypt’s Micro, Small, and Medium Enterprise Development Authority (MSMEDA) is set to increase SMEs funds by 20 percent to register 4.5 billion Egyptian pounds by the end of 2019, 19, Director of the Central Credit Department, Hazem Salah said.
He told Amwal Al Ghad that MSMEDA pumped 3.2 billion pounds during the first 7 months, benefiting 126 thousand projects that contributed to creating 200,000 jobs.
He added that 44 percent of these funds were directed to Upper Egypt governorates, 39 percent to lower Egypt governorates, 12 percent to urban governorates and 5 percent to border governorates, noting that females accounted for 51 percent of these funds compared to 49 percent for males.
He also explained that the industrial sector accounted for 11 percent of the total value of funding, while animal production and service sector captured 17 percent and 16 percent respectively.
This came during a press conference held to announce the details of the activities of the second session of the business conference 2019, which is scheduled to be hosted by Egypt in November.
The second edition of the International Business Expo (BiznEX) will be held in Egypt from November 7-9 under the portage of the Prime Ministry and ministries of investment and international cooperation, trade and industry, and housing.
He further noted that MSMEDA provided funds amounting to 50 billion pounds during the period from 1991 to July 2018. He clarified that SMEs allocated around 48.5 billion pounds out of the total funds directed to 3 million projects and creating 5 million job opportunities
He also said that MSMEDA provides non-financial services which link between the donor and owners of ideas and start-ups, where the donor funds to open new markets in Egypt.
In addition, MSMEDA is also working to provide non-financial services through the one-stop shop, where it was able during the past period to obtain 183,000 licenses for small, medium and small enterprises, as well as 207,000 temporary licenses from the Industrial Development Authority.
