EGP 30 million to boost Egyptian micro projects

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By Aya El Sayed
Basil Rahmy, MSMEDA's CEO, Nevine Badreddine MSMEDA's director Micro Finance Central Sector, Hana El-Hilali, President and Managing Director of Al-Khair Microfinance Company, during the signing. Credit: the Egyptian Cabinet.

The Egyptian Micro, Small, and Medium Enterprises Development Agency (MSMEDA) on Monday signed a contract worth EGP 30 million with Al Khair Microfinance to fund micro-projects, as stated by the Egyptian Cabinet.

The contract will be directed towards all new or existing micro-projects, aligning with the MSMEDA’s plan to expand financing for institutions and associations funding micro-projects, particularly in rural and border areas.

Various commercial, service, agricultural, and productive sectors will benefit from this project, which will finance working capital and purchase machinery and equipment.

The project will focus on encouraging customers to transition to the formal sector and benefit from the incentives provided by the Microfinance Development Law.

It is expected that about 1,000 beneficiaries will be financed through this contract, creating more job opportunities, especially in the most needy areas.

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