LE 60 Million Agreement Signed to Support 1,700 Micro-Enterprises

The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) partnered with Erada Microfinance, a fintech company launched by Sovereign Fund of Egypt (TSFE) and Etisalat Egypt, to sign an agreement worth LE 60 million. This funding initiative is expected to support around 1,700 micro-enterprises, with a focus on productive and agricultural projects designed to meet local market demands.

The agreement enables funding of up to LE 242,000 per project, with priority given to agricultural and productive ventures. These sectors are considered crucial in addressing domestic market needs while promoting sustainable development across Egypt.

Previously, a similar partnership between MSMEDA and Erada in November 2023 funded over 3,400 micro-enterprises and created more than 6,600 job opportunities. Women accounted for 52% of the funded projects, and youth under 35 years old made up 46% of the beneficiaries. In addition, 8% of the funding was directed toward production and industrial sectors.

This collaboration between MSMEDA and Erada Microfinance represents a step in achieving inclusive economic growth, with a focus on empowering the nation’s youth and women, supporting sustainable development, and enhancing the micro-enterprise landscape in Egypt.