Cairo – Mubasher: The Egyptian Micro, Small and Medium Enterprise Development Agency (MSMEDA) signed two contracts at a combined value of EGP 620 million with Banque du Caire to support and finance micro-enterprises, the Middle East News Agency (MENA) reported on Wednesday.

The first contract includes a funding worth EGP 500 million to be provided through a World Bank agreement, and 70% of which will be directed to women and youth entrepreneurs, executive director of MSMEDA, Nevine Gamea, said.

The second deal consists of a funding worth EGP 120 million dedicated to support enterprises founded by women. Such funding will be provided through an agreement with Agence Française de Développement (AFD).

The total value of contacts signed between Banque Du Caire and MSMEDA has reached EGP 2.7 billion since 2012. The loans were directed to finance about 570,000 micro-enterprises valued at EGP 7.7 billion.