MSMEDA provides 304bln in funding to SMEs 1H

The Micro, Small, and Medium Enterprise Development Authority (MSMEDA) has pumped 304 billion Egyptian pounds to fund SMEs in first half of 2018, head of the authority Nevine Gamea said.

Gamea told Amwal Al Ghad that MESMEDA seeks to raise the funds to 6 billion pounds by the end of 2018 compared to 504 billion pounds during the same period a year earlier.

MSMEDA is on track  to sign a contracts with the National Bank of Egypt and The United Bank worth 450 million Egyptian pounds within the next period.

on the other hand, MESMEDA has lately signed an agreement with Egyptian Factoring Association to provide funds for companies working in the factoring sector.

Moreover, MESMEDA has signed number contracts with banks during 2018 mainly with Industrial Development & Workers Bank Of Egypt worth 100 million pounds to fund SMEs.