MSMEDA funds small, micro projects with LE7.5B in 18 months

HURGHADA - 28 July 2018: Executive Director of the Micro, Small and Medium Enterprises Development Agency (MSMEDA) Neven Gamea said Saturday creating job opportunities tops the authority's priorities and plans pointing out to the importance of focusing on the micro enterprises.

Gamea was delivering a speech during the third and last day of "Green Banking: The Road to Sustainable Development" conference, organized by the Union Of Arab Banks in cooperation with the Central Bank of Egypt (CBE) in Hurghada city.

She underlined that the MSMEDA works with 30 Arab and international donors to fund its projects, as its funding portfolio reached EGP 41 billion.

"The total fund of small and micro projects over 18 months amounted to EGP 7.5 billion," the MSMEDA executive director said.

The agency nowadays pays particular attention to the micro and small enterprises, she said, adding that the House of the Representatives will study a legislation on funding the MSMEDA in the next period.

"Up to 30% of the agency's portfolio is allocated to micro-sized projects," Gamea noted.

The agency doesn't fund projects only but it also contribute to improving the efficiency of the NGOs, she added.