SFD, Banque Misr sign $33.8mn contract to finalise micro-sized projects

Egypt’s second biggest state lender, Banque Misr has signed Wednesday a contract worth 300 million Egyptian pounds ($33.8 million) with Social Funds for Development to finance the country’s micro-sized projects.

The UAE Khalifa Fund for Enterprise Development-led Bedayaty project is designated to support micro-sized enterprises in Egypt.

Bedayaty Egyptian project targets providing necessary finances for supporting enterprises based on development, expansion, replacement, and renewal within loans to build projects that will provide permanent and temporary job opportunities.

The loans start from 1000 and 25,000 Egyptian pounds ($112 – $2815).

Bedayaty is expected to finance around 30,000 of micro-sized projects’ owners.

Soha Soliman, Secretary-general of the Social Fund, said that the financing contract comes as part of the fund’s plan to provide permanent and temporary job opportunities.

Soliman has confirmed that Bedayaty allocates 25 percent for women, 60 percent for poor, and 70 percent for projects in the rural areas.