Rahmy added that financing up to EGP 220 thousand per project according to its financing need,
Medium, Small & Micro Enterprise Development Agency (MSMEDA) signed a microfinance project contract with Erada Microfinance with investments worth EGP 100 million to finance micro-projects across all Egyptian governorates.
This contract comes within the framework of MSMEDA’s participation in implementing Egypt’s strategy to promote micro enterprises and expand their financing to encourage citizens to self-employ and improve their economic levels in various governorates.
Bassel Rahmy, MSMEDA indicated that the company will re-lend financing to youth to develop existing projects for the purpose of financing working capital and the possibility of purchasing machinery and equipment, indicating that it is expected that about 3,000 beneficiaries.
Rahmy added that financing up to EGP 220 thousand per project according to its financing need, with the aim of creating more job opportunities, with a focus on women and youth in marginalized areas.
Earlier in November 2023, MSMEDA invested around EGP 642 million from 2014 to 2023, to finance about 9,000 small and micro projects in the North and South Sinai governorates and providing about 20,000 job opportunities.
Erada was founded in 2022 as a partnership between Etisalat Misr and the Sovereign Fund of Egypt, which pumped investments exceeding EGP 300 million within 6 months, which were directed to 13,000 young people.
