Egypt assigns EGP 100m to fund MSMEs

By Aya El Sayed On Aug 7, 2024

Basil Rahmi, MSMEDA's CEO, Nevin Badr El Din, Head of MSMEDA, and Morcos Nabil Zahi Salib, CEO and Managing Director of Cash for Microfinance Company during the signing.

Egypt’s Micro, Small, and Medium Enterprise Development Agency (MSMEDA) signed a new microfinance agreement with Cash for Microfinance, aiming to inject 100 million Egyptian pounds into the microfinance sector across all governorates through Cash for Microfinance’s offices and branches.

MSMEDA’s CEO, Basil Rahmy, said that the funding, aimed at supporting youth and women, will enhance and expand existing projects and establish new ones in various sectors, with a focus on productive and industrial projects.

Rahmy emphasised the importance of adhering to environmental standards while driving economic growth through these initiatives.

Attribution: the Egyptian Cabinet