MSMEDA to provide 6 bln pounds to micro, small projects in 2018

The Micro, Small and Medium Enterprises Development Agency (MSMEDA) seeks to inject 6 billion Egyptian pounds in SMEs during 2018, MSMEDA’s Managing Director Nevein Gamea said.

The agency has already pumped 5.3 billion Egyptian pounds during 2017, she added.

It has injected 34 billion Egyptian pounds since its inception up until last January, implementing 2.8 million projects and creating 4.37 million job opportunities.

On April 24, Prime Minister Sherif Ismail issued a decree to merge the Social Fund for Development (SFD) with the MSMEDA to become one entity, working to upgrade and develop the SMEs sector by offering financial and non-financial services.

Egypt began a strategy aimed at enhancing the SME sector, with the Central Bank of Egypt (CBE) announcing an initiative to fund Egyptian SMEs with LE 200 billion.

MSMEDA, the governmental entity responsible for micro,SMEs projects in Egypt, offers funds for SMEs projects either directly or through banks as mediators