SMEDA signs nine contracts worth EGP 15mn. to fund micro enterprises

CAIRO - 19 July 2018: CEO of the Micro, Small, and Medium Enterprise Development Authority (SMEDA) Nevine Gamae has signed nine new contracts on financing micro enterprises.

The deal was inked with a number of civil society organizations in five governorates, which are Sharqia, Minya, Beni Suef, Qena and Sohag.

In a statement on Wednesday, the SMEDA chief said the contracts worth EGP 15 million, adding that the sum was secured by the authority through engaging in several deals that were offered thanks to the efforts of the Investment and International Cooperation Ministry, highlighting Egypt's deals with Khalifa Fund for Enterprise Development, Arab Fund for Economic and Social Development and the OPEC Fund for International Development (OFID), second phase.

Funds to be provided by the authority will contribute to the implementation of about 1,500 micro enterprises that are expected to offer thousands of job opportunities, Gamae said.

She said the final loan to be offered for a client will be EGP 10,000, with at least 25 percent of the total value of the contracts to be allocated for projects that are owned by women or benefiting women, mainly the breadwinners.