Egypt’s Micro, Small, and Medium Enterprise Development Agency (MSMEDA) and Banque Misr have signed a contract worth EGP 500m that will go towards financing micro-enterprises.
Nevine Gamea, Minister of Trade and Industry and MSMEDA CEO, along with Banque Misr Chairperson Mohamed El-Etreby witnessed the signing of the “Tamkeen Microfinance Project” contract.
The contract was signed by Tarek Shash, Deputy Executive Director of MSMEDA, and Akef El Maghraby, Vice Chairperson of Banque Misr, with MSMEDA to provide the financing.
Gamea said that, according to the contract, about 10,000 micro-loans will be provided across Egypt, with a maximum of EGP 250,000 per loan, based on the production and marketing capabilities of each enterprise.
The minister added that signing this contract will help expand the financing of micro-enterprises of all types, including production, commercial, service, handicrafts and heritage activities in various villages, centres and districts. It will focus especially on the villages targeted by the presidential “Decent Life” initiative.
She explained that the microfinance contracts concluded between MSMEDA and Banque Misr began in 2011, and have so far reached a total value of about EGP 1.81bn
