Egypt MSMEDA secures €12mln from German Development Bank

Egypt’s Micro, Small and Medium Enterprise Development Authority (MSMEDA) CEO Bassel Rahmy signed a €12 million agreement with Daniela Beckman Head of North Africa Administration at German Development Bank (KfW).

The bank granted the money to provide financial and technical support to microenterprises with a positive impact on climate in the fields of energy efficiency and renewable energy.

The new funding is part of the authority’s action plan to contribute the state’s efforts in reducing pollution, expanding the clean energy usage, and providing the necessary financial resources, Rahmi said.

Rahmi praised the efforts of the Ministry of International Cooperation and its continued support for coordination with various donors and international agencies to provide all possible support.