SMEs loans posted EGP1.5bln in Q1 2019:MSMEDA

The total loans financing small and micro enterprises posted 1.479 billion Egyptian pounds during the first quarter of 2019, according to Chief Executive Officer of the Micro, Small & Medium Enterprise Development Agency (MSMEDA) Nevine Gamea.

Gamea added that about 62,000 small and micro projects were funded, providing nearly 97,000 jobs during the period from January to March 2019.

She added that the agency contributes in the marketing of products, providing training for young people to work on a project or idea of a project, and how to extract documents and contribute to the preparation of feasibility studies, in addition to providing training on ways to manage projects and providing consultations for the development of projects.

Gamea announced earlier that the World Bank funds small and medium enterprises by about$1 billion, of which $200 million were granted to the Ministry of Investment.

Previously, Gamea revealed that the agency injected LE 45.8 billion in funds during the period from January 1992 to January 31, 2019, noting that the total loans of small and micro enterprises with a total funding of LE39.6 billion, financed 3 million projects and provided about 4.8 million jobs, where the proportion of women hit 51 percent in all the projects.