MSMEDA provides 4.8 bln pounds to fund SMES in 2017

The Micro, Small, and Medium Enterprise Development Authority (MSMEDA) has injected 4.8 billion Egyptian pounds to execute projects in 2017, representing a 25 percent increase compared to 2016, MSMEDA Director Nevine Gamea said.

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

MSMEDA has also trained 27,000 youth on various professions to enable them to join the workforce, Gamea said.

She further said that MSMEDA is paying close attention to developing and supporting the industrial sector, saying that funds directed to SMES operating in the industrial sector  has increased in 2017 by 11 percent for existing projects and surged by 40 percent for new ones.

MSMEDA has also increased the funding for the Upper Egyptian governorates by 41 percent in 2017, compared to 2016.

Gamea said that the MASMEDA has provided a host of new funding packages that covers all the activities of micro and small projects in these governorates.

She added that MSMEDA has expanded the provision of non-financial services during 2017 that aims at helping projects’ owners to develop their products and boost production.