Banque Du Caire, MSMEDA sign EGP500mln deal to support micro projects

Egypt’s state run Banque du Caire and Micro, small and medium-sized enterprises (MSME) Development Agency (MSMEDA) signed a contract on “Bedayati-4” project to finance a number of micro projects with 500 million Egyptian Pounds.

Nevine Gamea the executive chairman of MSMEDA said the project comes as part of the state’s plan to provide concessionary financing for micro-businesses and encourage young people and women to set up such projects.

She added that the state is keen on supporting micro enterprises, as they greatly contribute to securing jobs to different categories of society, which could lead to increasing production and income and enhancing citizens’ standards of living.

The two sides will fund around 50,000 micro projects across the nation with loans starting from 30,000 pounds, she noted.