MSMEDA funds micro enterprises with LE 620M via Banque Du Caire

CAIRO, 13 May 2020: Minister of Trade and Industry and CEO of the Micro, Small and Medium Enterprises Development Agency (MSMEDA) Niven Gamea' and Board Chairman of Banque Due Caire Tarek Fayed witnessed the inking of two contracts to support and fund micro enterprises with LE 620 million presented by MSMEDA to Banque Du Caire which will be responsible for granting soft loans to small entrepreneurs in all governorates.

This comes as part of the keenness of the state to fund these projects for their effective role in limiting unemployment and improving the living conditions of the citizens. The step also aims at keeping these projects ongoing during the coronavirus outbreak which has negative impact on the Egyptian economy.

The first contract is for an initiative to fund micro enterprises with LE 500 million to be funded through an agreement with the World Bank for youth and women projects, while the second contract is for supporting women in the poorest governorates with LE 120 million funded by the French Development Agency (AFD), Gamea' said.

Both projects aim at financing current and new micro enterprises via Banque Du Caire branches all over the governorates to help these projects develop and provide more job opportunities, she said.

These projects come within the framework of implementing the directives of President Abdel El Sisi to present all aspects of support to the projects of the youth and women, Gamea' added.

Prime Minister Moustafa Madbouli recommended to present quick finance to help the sector of micro projects and focus on women and youth, said Gamea'.

Meanwhile, Fayed asserted the importance of these agreements as they have an effective role in funding micro enterprises in light of the current coronavirus pandemic and its negative impact on the owners of projects and the irregular workers.