Egypt’s SME Development Agency to finance 400 micro-projects with EGP 2m in Aswan

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.