Nevine Gamea — Head of the Central Microfinance Sector at the Micro, Small, and Medium Enterprise Development Authority (MSMEDA) — revealed that the agency pumped EGP 2bn in funds for micro-projects in the first half (1H) of 2022.
She added that this created 152,000 job opportunities, benefited about 83,000 projects, 52% of which are owned by women and 59% of which are run by youths, noting that there is an increase in the value of funds by 38% compared to 1H 2021.
Gamea also confirmed that the agency is working to implement the state’s directives to expand the financing of micro-projects, especially for production and crafts and projects in complementary industries, as they contribute to providing local alternatives to some production inputs imported from abroad, as well as the role of these projects in creating decent and sustainable job opportunities and helping them improve the quality of life of their owners and employees.
This came on the side-lines of the meeting held by Minister of Trade and Industry Nevine Gamea — who is also the CEO of the MSMEDA — with Minister of Social Solidarity Nevin El-Kabbaj, to discuss ways to develop cooperation to support youths’ projects and expand their financing.
This comes within the framework of the continuous cooperation between the MSMEDA and the Ministry of Social Solidarity to advance the micro-enterprise sector through cooperation with NGOs.
Through civil society institutions and NGOs scattered in villages and hamlets, the agency provides financing for micro-enterprises ranging from 3,000 to EGP 200,000.
Gamea added that the agency also provides technical support to NGOs in order to train their employees, raise their efficiency, and elevate the capabilities of these institutions to better deal with younger people and identify their needs in a way that contributes to obtaining funds and re-lending them to clients.
She also explained that 266 of the employees of 145 NGOs of the agency’s partners — which are scattered in the villages and hamlets of Luxor, Qena, Sohag, Assiut, Beni Suef, and Damietta — were trained in 1H 2022.
Furthermore, Gamea indicated that the agency is seeking to provide various aspects of technical support for those wishing to establish micro projects, especially training programmes for employment and training in the field of entrepreneurship.
Finally, she called on young people wishing to start micro-projects or expand their existing projects to visit the branches of the MSMEDA in the governorates to get acquainted with the NGOs that provide them with the necessary funds to start or develop the activity.
