MSMEDA, SAIB negotiate new contracts worth EGP100mln

Societe Arabe Internationale De Banque – SAIB is negotiating with the Micro, Small and Medium Enterprises Development Agency (MSMEDA) to sign contracts worth 100 million Egyptian pounds.

A source with knowledge told Amwal Al Ghad that the new contracts will be directed to fund micro  projects.

SAIB will receive the funds at the end of the first quarter of 2019.

Small and Medium Enterprises Development Agency (MSMEDA) has granted loans of 5.3 billion Egyptian pounds during 2018 to fund 247,000 small and micro projects creating 395,000 job opportunities.

It pumped 2.27 billion pounds into 16.9  thousand small projects in 2018, creating 49,000 jobs.

On the other hand, MSMEDA injected 3 billion pounds into 229.7 thousands micro projects during last year, with total job opportunities of 346.000 opportunities