Egypt’s MSMEDA provides EGP 1.1bn funding in 4 months

The Egyptian Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has 1.19 billion Egyptian pounds in funding to 48,743 small and micro projects during the first third of 2020, MSMEDA’s executive director and the Minister of Trade and Industry, Nevine Gamea, said.

The financing comes as part of efforts to combat the negative fallout of the coronavirus (COVID-19) and its impact on the MSMEs.

The Egyptian manpower minister, Mohamed Saafan, announced a new 150 million pounds package to support around 140,000 regular workers in 1,200 institutions, in line with the directives to provide salaries to the regular employees working in sectors most affected by the COVID-19 outbreak.