Egypt’s SME Development Agency to finance 400 micro-projects with EGP 2m in Aswan
- Date: 14-Jul-2021
- Source: Daily News Egypt
- Sector:Financial Services
- Country:Egypt
Egypt’s SME Development Agency to finance 400 micro-projects with EGP 2m in Aswan
Egypt's Micro, Small and Medium Enterprises Development Agency (MSMEDA) is set to provide funding of EGP 2m to finance 400 micro-projects as part of the "Decent Life" presidential initiative.
The financing comes as part of a contract MSMEDA signed with the Community Development Association in Al-Sharawneh Kebily in Aswan Governorate.
The agreement continues the existing coordination between the agency and various state agencies, to contribute to the implementation of the presidential "Decent Life" initiative.
Nevine Badr El-Din, head of the central sector for microfinance at MSMEDA, said that according to the contract, at least 30% of the total funding will be for women's projects. At least 30% more will be directed to financing youth in the 21-35 years age group, to help them set up projects.