Daily News Egypt

Cooperation volume between MSMEDA, World Bank $800m: Gamea - Daily News Egypt

Advertising Area

Advertising Area

Cooperation volume between MSMEDA, World Bank $800m: Gamea

Women obtainment of micro funding amounts to 80%, says Nasr

Nevine Gamea, the chairperson of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), said that the World Bank (WB) played a major role in supporting micro, small, and medium enterprises in Egypt.

She added that the WB has provided $800m to support these projects through coordinating with the ministry of investment.

Gamea explained that the projects activated between both parties include one to enhance funding for small and micro projects worth $300m, from which 6,120 small projects benefited, and provided 57,000 jobs, in addition to 266,500 micro projects, which provided 282,000 jobs.

These projects included one to provide inclusive funding through innovative mechanisms, as new funding products were provided for small and micro projects, such as venture capitals, Islamic funding, and financial leasing, in addition to civil associations whose base was expanded.

According to Gamea, this project benefited 6,800 small projects and generated 50,500 jobs. Furthermore, it also benefited 164,300 micro projects and generated 247,400 jobs.

Gamea pointed out that the cooperation between the agency and the WB also included a labour-intensive agreement worth $192.7m, which provided bout 7m temporary jobs in the field of infrastructure and public work, in addition to 7.3m daily jobs in the field of community development.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter