MSMEDA pumps LE9.2B to fund micro, small enterprises

CAIRO – 27 November 2018: The Micro, Small and Medium Enterprises Development Agency (MSMEDA) pumped LE 9.2 billion to finance about 441,000 micro and small projects, Executive Director of the agency Neven Gamea said.

Gamea added that these projects provided 642,000 job opportunities, noting that women's participation in the projects recorded 49 percent.

A total of LE 373.6 million wereallocated for infrastructure projects and community development, which provided 3.5 million working days. The percentage of job opportunities for women was 56 percentof the total work diary, according to Gamea.

She affirmed the agency’s interest in developing women'sleadership and administrative skills through establishing a specialized unit forgender issues, women's empowerment and gender equality, funded bythe United Nations Development Program (UNDP) and the Swedish Aid Organization (SIDA).

She said during “Support and Empower Women” that an ambitious strategy has been implemented to increase women's access to various developmental activities of the agency and to economicallyempower themby providing the necessary training and financing their small and micro projects, which improves their living standards.

On the sidelines of the Women Empowerment Conference, an exhibition of the products of the beneficiaries of the economic empowerment programs for women was held at the project development agency. A documentary film was also presented to train girls with special needs in Fayoum governorate, and a panel discussion with a number of female entrepreneurs was held.

Gamea said in July that the total fund of small and micro projects in over 18 months amounted to LE 7.5 billion, noting that up to 30 percent of the agency's portfolio is allocated to micro-sized projects.