Egypt: MSMEDA, Tasaheel pen $8mln agreement to finance micro-projects
Basil Rahmy, CEO of MSMEDA, noted that the contract aims to finance new micro-projects and back the development, expansion, replacement, and upgrade of existing projects.
The move will boost production and offer permanent and temporary job opportunities, enhancing the standard of living for citizens.
Rahmy noted that this new agreement is expected to support 8,000 micro-projects, with the financing amount reaching EGP 266,000 per project, depending on its financing needs.
This falls under Prime Minister Mostafa Madbouly's directives to maximize the sector's contribution to supporting the national economy by providing services and products that meet the needs of local markets and encourage productive and agricultural projects.
On her part, Nevin Badr El-Din, Head of the Central Sector for Microfinance at MSMEDA, said the first contract signed with the company in 2017 backed the financing of around 2,257 micro-enterprises with EGP 28 million. Women-led businesses accounted for nearly 52% of the funded projects.
The second contract in 2022 resulted in financing approximately 37,459 micro-enterprises with EGP 307 million, of which women-led projects made up over 50% of the funds.
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