Nevine Badreldin, the operations manager of the Micro Finance Sector at the Small and Medium Enterprise Development Authority (SMEDA), previously known as the Social Fund for Development, has signed eight contracts with a number of civil society associations to fund micro enterprises in six governorates, namely Ismailia, Minya, Beni Suef, New Valley, Assiut, and Sohag.
The contracts come in the framework of SMEDA’s keenness to encourage the establishment of micro-enterprises that contribute to creating more job opportunities, in line with the authority’s policy in this field.
The total value of the contracts reached EGP 10.75m, provided by the SMEDA through several agreements, which were made possible by the efforts of the Ministry of International Cooperation, including the Khalifa Fund for Enterprise Development Agreement, the Saudi Fund Agreement, and the Agreement on Enhancing the Marketing Capacity of Farmers financed by the International Fund for Agricultural Development (IFAD).
The allocated funding is expected to establish 2,150 micro-enterprises in six governorates.
According to Badreldin, the micro loans worth EGP 10,000 will benefit about 2,365 people in the targeted governorates, provided that at least 25% of the total value of those contracts will be directed for projects owned by women with the aim of supporting them economically and socially.
Badreldin pointed out that SMEDA seeks to improve living conditions of citizens and provide more job opportunities through the expansion in lending by associations and civil institutions in villages and neighbourhoods across all governorates of Egypt.