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Egypt’s SME Development Agency to finance 400 micro-projects with EGP 2m in Aswan - Daily News Egypt

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Egypt’s SME Development Agency to finance 400 micro-projects with EGP 2m in Aswan

Agency has financed about 2,370 micro-projects worth EGP 40m in governorate, of which EGP 20.4m benefited citizens in villages under ‘Decent Life’ initiative


Egypt’s Micro, Small and Medium Enterprises Development Agency (MSMEDA) is set to provide funding of EGP 2m to finance 400 micro-projects as part of the “Decent Life” presidential initiative.

The financing comes as part of a contract MSMEDA signed with the Community Development Association in Al-Sharawneh Kebily in Aswan Governorate.

The agreement continues the existing coordination between the agency and various state agencies, to contribute to the implementation of the presidential “Decent Life” initiative.

Nevine Badr El-Din, head of the central sector for microfinance at MSMEDA, said that according to the contract, at least 30% of the total funding will be for women’s projects. At least 30% more will be directed to financing youth in the 21-35 years age group, to help them set up projects.

She indicated that the signing of this contract comes in accordance with the agency’s policies to expand microfinance in Aswan Governorate.

MSMEDA has already financed about 2,370 micro-projects worth EGP 40m in the governorate, of which EGP 20.4m benefited citizens in the villages under the initiative.

Badr El-Din confirmed that the agency is holding training courses for a number of non-governmental organisations (NGOs) working in the microfinance field in Aswan Governorate. The training aims to develop their institutional performance, and raise employee efficiency at these associations from the administrative and financial aspects.

This in turn helps them improve their services to citizens, whilst contributing positively to the expansion of financing activities.

She explained that a study is underway to pump EGP 8m of funding to micro-enterprises, in cooperation with four NGOs.

Ibrahim Abdel Latif, director of MSMEDA’s branch in Aswan Governorate, said that the NGOs that will benefit from the current training are: the Christian Youth Association in Aswan; the Renaissance Association for Women Development in Nasiriyah; the Community Development Association in Khattaria; the Umm Al-Qura Association for Community Development; and the Community Development Association in Kafur Kom Ombo.

He stressed that the agency branch in the governorate is holding training courses free of charge for citizens, to spread the idea of ​​self-employment. The courses also aim to introduce participants to the new facilities provided by the Project Development Law 152 of 2020.

This includes simplified procedures for establishing projects through the one-stop shops located in the project development agency offices across Egypt.

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https://dailyfeed.dailynewsegypt.com/2021/07/14/egypts-sme-development-agency-to-finance-400-micro-projects-with-egp-2m-in-aswan/
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