MSMEDA provides 1.3 bln pounds in funding to SMEs in Q1

The Micro, Small, and Medium Enterprise Development Authority (MSMEDA) has pumped 1.3  billion Egyptian pounds to execute many projects in first quarter of 2018, representing, head of the authority Nevine Gamea.

She told Amwal Al Ghad that MSMEDA seeks increase its small and medium enterprises funds to more than 5 billion Egyptian pounds by the end of 2018.

She added that MSMEDA has expanded the provision of non-financial services that aims at helping projects’ owners to develop their products and boost production.

The authority has also trained 27,000 youth on various crafts to enable them to join the workforce, Game’ said.

She further noted that the authority is waiting for the law to be modified so as to start in funding SMEs that would result in a significant leap in this leap.

She further said that MSMEDA is giving due concern to developing and supporting the industrial sector, saying that financing industrial SMEs has increased in 2017 by 11 percent for existing projects and by 40 percent for new ones.

Game’ said that the MSMEDA has financed 224,000 micro and small projects with some 4.5 billion  pounds in 2017, providing around 305,000 jobs. This is in addition to 321 million pounds to finance community services and infrastructure projects, creating 33,000 job opportunities