Egypt’s Micro, Small and Medium Enterprises Development Agency (MSMEDA) has partnered with Kredit, a financing institution, to support small and medium-sized enterprises (SMEs) with a financial infusion of EGP 100 million.
Both parties have signed a deal valued at EGP 50 million, which is the first of the funds specified above. This is a big step.
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According to the announcement, the second tranche, worth EGP 50 million, would be paid out as soon as the first tranche is used up. Basel Rahmy, the CEO of MSMEDA, emphasized that SMEs will profit from funding of up to EGP 5 million per project under this arrangement.
Rahmy stressed that the funding will support SMEs in all economic sectors, new and old, but it will focus especially on those in productive industries.
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Additionally, the cash will cover working capital requirements in addition to the purchase of machinery and equipment. Rahmy emphasized the need for a concentrated effort to encourage women-led projects and new businesses in the SME sector.
About MSMEDA
MSMEDA and entrepreneurship Coordinating and uniting the activities of all relevant parties, including NGOs and initiatives working in this field, The organization took over from the Social Fund for Development, which was founded in 1991 after 25 years of extensive, multidisciplinary development expertise. The organization is regarded as the one in charge of project development.
