FAYYOUM, Egypt - 17 September 2021: Junior Investment Officer at the French Agency for Development (AFD) Andrew Emad said the agency secured a 50-million-euro creditline for the Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) with an aim to promote women entrepreneurship.
He said the agency offers loans and grants to the MSMEDA via Egyptian banks to promote entrepreneurship, especially among women, within the framework of women political empowerment.
He made the remarks on Friday during a five-day media tour organized by the AFD to highlight several projects in various governorate, including Fayyoum.
The MSMEDA seeks to extend financing to those who deserve in accordance with a number of set standards, he said.
In January 2020, the agency signed an agreement with the MSMEDA on extending a 50 million euro loan and a one-million-euro grant from the EU, he said, noting that the financing reached those who deserve ahead of the scheduled time.
He noted that the employment rate in Egypt reached 60 percent in accordance to official statistics and reports.
He noted that the AFD in collaboration with the MSMEDA managed to fund 7,039 projects in various Egyptian governorates generating 17,620 jobs.