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Egypt’s MSMEDA, El-Mobadara Association sign EGP 160m contract

Egypt’s MSMEDA, El-Mobadara Association sign EGP 160m contract
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Cairo – Mubasher: Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has signed an EGP 160 million contract with El-Mobadara Association to finance sustainable agricultural projects and livelihoods.

Bassel Rahmy, CEO of MSMEDA, said the deal aligns with the state's strategy to advance the micro-enterprise sector and expand financing to spur self-employment and jobs.

It aims to boost living standards, especially in needy areas.

Rahmy noted it is part of directives by Prime Minister Madbouly to Increase intermediaries and the microfinance portfolio, supporting new and existing small businesses.

The association will provide working capital and equipment loans to young graduates and experienced individuals.

Around 1,600 projects in Kafr El-Sheikh, Minya, and Aswan governorates will be funded, focusing on women, youth and marginalised communities.

Various sector projects from commerce to agriculture will receive financing up to EGP 240,000 to aid micro-enterprises during Egypt's economic transition.