Egypt’s MSMEDA injects $87.4 mln into small, micro projects in 3 months

Egypt’s Micro, Small, and Medium Enterprise Development Authority (MSMEDA) says it pumped 1.5 billion Egyptian pounds ($87.4 million) into small and micro-sized projects in three months.

“Some 820 million pounds were directed to fund micro-sized projects in favour of more than 56,000 clients,” MSMEDA’s head Nevine Gamea said on Saturday.

MSMEDA, previously known as the Social Fund for Development, is an autonomous development and poverty-alleviation agency, established in 1991 with support of the United Nations Development Programme (UNDP). It is an agency affiliated to Egypt’s Cabinet, designed to act as a social safety net to undertake the government’s economic reform programme by developing the MSME sector directly or through the coordination of the efforts of the different stakeholders.