Rahmy explained that MSMEDA invested EGP 805 million into Damietta Governorate from 2014 to 2023
The Micro, Small, and Medium Enterprise Development Agency (MSMEDA), has set an investment target of EGP 50 million to be injected into more than a 100 furniture projects, with an average of EGP 400 thousand per project, to be determined according to the needs of the project.
This came during the visit of the CEO of MSMEDA, Bassel Rahmy, To Damietta Governorate to meet with Manal Awad, Governor of Damietta.
Rahmy explained that MSMEDA pumped total funds into Damietta Governorate during the period from 2014 to 2023 amounted more than EGP 805 million, which financed about 30,000 small and micro projects.
He added that the furniture industry benefited a total of EGP 244.6 million from the total funds pumped into the governorate, through which 5,740 small and micro projects were financed.
Rahmy also witnessed the signing of a memorandum of understanding (MoU) between MSMEDA and Horus University. The purpose of this agreement is to support the university’s youth and adopt their innovative ideas.
Recently in November, MSMEDA pumped about 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, Rahmy stated.
The agency also signed a microfinance project contract with Erada Microfinance with investments worth EGP 100 million to finance micro-projects across all Egyptian governorates.
