MSMEDA provides LE 4.8B in funding to SMEs in 2017

CAIRO – 11 January 2018: The Micro, Small, and Medium Enterprise Development Authority (MSMEDA) has pumped LE 4.8 billion to execute many projects in 2017, representing a 25 percent increase compared to 2016, head of the authority Nevine Game’ said Thursday.

She said that the increase reflects the state’s direction towards developing the small- and medium-sized enterprises (SME) sector, and comes in light of the Trade Minister’s directions to provide the owners of these projects with all kinds of support.

Game’ said that the MSMEDA has financed 224,000 micro and small projects with some LE 4.5 billion in 2017, providing around 305,000 jobs. This is in addition to LE 321 million to finance community services and infrastructure projects, creating 33,000 job opportunities.

The authority has also trained 27,000 youth on various crafts to enable them to join the workforce, Game’ said.

She further said that MSMEDA is giving due concern to developing and supporting the industrial sector, saying that financing industrial SMEs has increased in 2017 by 11 percent for existing projects and by 40 percent for new ones.

In light of the state’s direction to develop Upper Egypt, MSMEDA has increased the funding for the Upper Egyptian governorates by 41 percent in 2017, compared to 2016.

Game’ said that the authority has provided a host of new funding packages that covers all the activities of micro and small projects in these governorates.

She added that MSMEDA has expanded the provision of non-financial services that aims at helping projects’ owners to develop their products and boost production.