Egypt’s MSMEDA, Reefy sign EGP150 mln contract for women’s micro-projects

Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA) and Reefy Microfinance Enterprise Services signed on Tuesday a financing contract worth 150 million Egyptian pounds ($4.85 million) to support women’s micro-sized projects nationwide.

Head of MSMEDA’s Central Microfinance Sector Nevine Badr El-Din signed the contract with Ahmed Labib, Managing Director and CEO of Reefy, in the presence of Basel Rahmy, CEO of MSMEDA.

Rahmy said the contract aims to support 6,000 women and girls to establish, develop, or expand their micro-projects. The move will increase women’s production and income as well as improve their economic levels.

The agency is seeking to support women and provide them with job opportunities.

Rahmy also said MSMEDA provides them with technical support to help them acquire the skills needed for self-employment, adding that the agency aims to expand its cooperation with different development partners and intermediary bodies in order to reach the largest number of women across the country and facilitate their access to suitable financial services.

According to Rahmi, this will increase their contribution to meet the needs of their local communities.