Nevine Gamea, CEO of Micro, Small and Medium Enterprises Development Agency (SMEDA) said that 2,814 projects benefited from SMEDA’s $50m loan obtained from the Arab Fund for Economic and Social Development (AFESD). She added that the amount of funding injected into these projects amounted to over EGP 578m, which created 12,700 jobs.
An AFESD delegation, headed by Moatasem Mohamed Abdullah, recently paid a visit to SMEDA to discuss the latest status of the loan. During the meeting, officials discussed the future cooperation between the two institutions. The AFESD officials welcomed the launch of the new cooperation and other financing for small projects in Egypt through SMEDA, with the possibility of obtaining a grant to provide technical support to clients.
According to Gamea, SMEDA is keen to present all its results to donors and lending institutions, and to clarify all the stages for the use of the loans. She explained that the mission visited several small projects that were financed through the AFESD loan in Cairo and Giza. They also listened to clients’ feedback regarding SMEDA’s performance, and reviewed the financial and non-financial services it provides to young people in small enterprises.
Abdullah praised the SMEDA’s efforts, and its extensive experience in the field of small projects’ lending, as well as the high rates of lending granted to youth, either through direct funding or banks. He stressed the continued fruitful cooperation between the two sides to serve Egyptian youth and the national economy.