Egypt’s SME Development Agency Pumps Around EGP 3 Billion into the Ecosystem in 2019H1
The funds provided 147,000 job opportunities and financial grants worth 35 million Egyptian pounds towards infrastructure, community development and training projects.
Egypt’s Small and Medium Entreprises Development Agency (MSMEDA) announces that it has injected a sum of EGP 2.8 billion in the first half of 2019 to support around 110,000 micro and small enterprises. The funds provided 147,000 job opportunities, in addition to offering grants worth 35 million Egyptian pounds towards infrastructure, community development and training projects.
The announcement comes alone the margins of a meeting with Prime Minister Mostafa Madbouly with Nevine Gamea, Executive Director of MSMEDA, which highlights how important it is to support the SMEs sector as it contributes to obtaining thousands of jobs for the youth and the improvement of citizens’ standards of living.
During the meeting, Gamea reviewed the agency’s efforts to implement Egypt's mission to promote SMEs, citing a number of projects being carried out in some areas, including an environmentally-sustainable project to turn some public transportation vehicles to run on natural gas, and another one to develop industrial complexes in the 10th of Ramadan City.
The meeting concluded with the MSMEDA’s board of directors agreeing to double the maximum funding for non-banking financial institutions and new industrial projects from EGP 75 million to EGP 150 million. Additionally, the agency members approved a raft of agreements to support and develop the SME ecosystem, including five deals worth EUR 50 million with the German Development Bank.
