Egypt’s MSMEDA negotiating €600 mln loans during 2020

Egypt’s state-run Micro, Small and Medium Enterprises Development Agency (MSMEDA) is negotiating for €600 million ($668 million) worth of loans from international financial institutions during 2020, according to its chairperson Nevine Gamea.

Gamea further told Amwal Al Ghad that MSMEDA is set to receive the first tranche of $200 million from the World Bank.

MSMEDA has pumped 5.6 billion Egyptian pounds ($353.1 million) into small and micro-sized projects, she added.

Gamea, who is also Minister of Trade and Industry, has signed agreements with the German Development Bank and the European Union worth €49 million.

The German Development Bank’s €30 million is a long-term soft loan directed to develop SMEs in Egypt.