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MSMEDA finances 55k projects in Qena with EGP 1.1bn - Daily News Egypt

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MSMEDA finances 55k projects in Qena with EGP 1.1bn

Agency and NGOs working in Qena partner up to provide EGP 11.45m finance to micro projects

The Micro, Small and Medium Enterprises Development Agency (MSMEDA) has granted EGP 1.1bn to 55,000 small- and micro-projects in Qena governorate between July 2014 and June 2020.

A MSMEDA delegation, headed by the agency’s Deputy Executive Director Tarik Shash, visited Qena and met with Governor Ashraf Al Daoudi and other governorate leaders.

The meeting addressed the various aspects of cooperation between MSMEDA and the governorate, with the aim of expanding new small and micro projects or supporting existing projects.

During the meeting, Mohamed Abdel-Malik, Head of MSMEDA’s Department of Regional Offices, presented the agency’s achievements in the governorate from July 2014 to June 2020. He emphasised the implementation of various infrastructure projects to develop services in the governorate, with a total funding of EGP 167.2m.

The projects provided 2.6m job opportunities for daily workers in the governorate, with the aim of providing the appropriate environment for establishing new small projects and expanding existing projects.

The agency’s participation in developing the craft production area in Salheya and the industrial complex at Nagaa’ Hammadi was also discussed. Additionally, consideration was given to establishing small-scale projects as complementary and feeder industries to the governorate’s sugar, aluminium, and cement factories, among other manufacturing facilities.

A cooperation protocol between MSMEDA and Qena was signed during visit. Under the first stage of the protocol, the agency will finance 100 microbuses, to facilitate easier transportation for the governorates residents, and provide new job opportunities.

The visit also witnessed the signing of a number of contracts providing finance to micro-projects set up by the agency in partnership with several non-governmental organisations (NGOs) working in the governorate.

The contracts are providing a total financing amounting to EGP 11.45m, with the aim of providing more productive work opportunities and caring for low-income individuals.

It is expected that these contracts will create more than 1,300 job opportunities across Qena. In the same context, four cheques were delivered to several project owners who obtained funding from the agency to start their new projects, to a total of EGP 1.1m.

Topics: MSMEDA qena

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