Egypt’s MSMEDA inks €60 mln loan, grant deals with EIB

Egypt’s Micro, Small, and Medium Enterprise Development Authority (MSMEDA) has signed on Saturday two loan and grant agreements worth €60 million with the European Investment Bank (EIB).

The loan will be directed to support a number of developmental projects in the Egyptian governorates, MSMEDA’s head Nevine Gamea said on the sidelines of Africa 2018 Forum in Egypt’s tourist resort of Sharm El-Sheikh.

Africa Forum, Egypt’s biggest international gathering, is placing this year special focus on issues of concern to African youth and women empowerment. The first day’s events will feature a Young Entrepreneurs’ Day and a discussion on Women Empowering Africa.

“The loan deal will be directed to fund small and medium enterprises (SMEs) worth €45 million in a bunch of Egypt’s governorates, with a maturity period of four years at a concessional rate,” Gamea told Amwal Al Ghad.

The grant agreement, which is at a value of €15 million, is set to be directed to finance various infrastructural flagships in six Egyptian governorates of Giza, Alexandria, Assiut, Monufia, Port Said, and Sharqia, she added.