MSME signs €30M agreement with KfW Bankengruppe, EU

CAIRO – 15 January 2020: Small & Medium Enterprise Development Agency (MSME) signed Wednesday an agreement worth €30 million with KfW Bankengruppe and the European Union.

MSME clarified that this agreement is to finance small and medium enterprises.

The financing agreement is a soft and long-term loan for the project development agency to expand the financing of medium, small and micro projects for the youth of Egypt, MSME clarified in a statement.

The agreement stipulates a grant from the German Government worth €4.5 million, and a grant from the EU worth €14.9 million, aiming to support non-financial services that MSME presents to micro and small enterprises, the statement added.

Earlier on Jan. 15, a press conference was held in the headquarters of MSME in the presence of representatives of KfW Bankengruppe and the European Union.

Head of MSME Nevine Gamea said that the agency signed agreements worth about €600 million during 2019.

Gamea added Wednesday that the agency's project financing portfolio pumped about LE 5.6 billion of funds during the past year, for all the sectors that the agency targets, and has provided thousands of job opportunities.