The agency has created 152,000 job opportunities, she added, benefiting around 83,000 projects that were mainly ran by either women or youths
Egypt’s Micro, Small, and Medium Enterprise Development Authority (MSMEDA) has invested around EGP 2 billion in funding towards micro-projects in the first half (H1) of 2022, up by 38% compared to H1 2021, revealed MSMEDA’s Head of the Central Microfinance Sector, Nevine Badr Al-Din.
The agency has created 152,000 job opportunities, she added, benefiting around 83,000 projects that were mainly ran by either women or youths.
MSMEDA is aiming to implement the state’s directives to boost financing for micro-projects, particularly those in the production of crafts and in complementary industries. Badr Al-Din stated that these contribute to providing local alternatives to certain internationally produced and imported commodities and product and highlighted their role in creating sustainable job opportunities and helping the quality of life for both owner and employees.
Through civil society institutions and NGOs in various villages and communities, the agency provides financing for micro-enterprises ranging from EGP 3,000 to EGP 200,000.
Badr Al-Din’s comments were on the sidelines of a meeting held by CEO of the MSMEDA, Minister of Trade and Industry Nevine Gamea, alongside Minister of Social Solidarity Nevin El-Kabbaj, to discuss ways to cooperate in supporting youths’ projects and expand their financing.
It is also within the framework of the continuous cooperation between the MSMEDA and the Ministry of Social Solidarity to advance the micro-enterprise sector through cooperation with NGOs.
MSMEDA also provides technical support to NGOs to train and grow employees’ capacities and efficiency, allowing them to better deal with youths and their needs, she added.
