A contract worth EGP 25m was signed by Nevine Gamea, the executive director of the Small and Medium Enterprise (SME) and Microfinance Development Authority, and Ahmed El Bardaie, managing director of the Reefy company for microfinance enterprise services, with the aim of implementing a project to develop microfinance in several governorates.
The amount of money was provided through the financing of the French Development Agency as a result of the efforts of the International Cooperation Ministry to support SMEs and microenterprises.
The project to develop microfinance aims to improve economic conditions of graduates and women, as well as low-income families. It aims to support them socially and economically through helping them finance microenterprises. It also aims to help owners of existing microenterprises who want to develop their projects.
According to Gamea, signing this contract with Reefy is part of the authority’s efforts to support and develop microenterprises to generate temporary and permanent jobs, as well as activating the role of microfinance companies through providing them with the necessary financing.
She added that it is expected to implement 1,650 microenterprise projects through the contract, with a maximum of EGP 35,000 for each project, allowing more jobs, improving living conditions, and promoting development.