MSMEDA, Saudi SAGMC ink EGP 150M financing to back MSMEs in Egypt
Updated 6/14/2023 9:53:00 AM
Arab Finance: The Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) has signed an EGP 150 million development financing agreement with the Saudi Arabia Grant Management Committee (SAGMC) to finance the micro, small, and medium-sized enterprises (MSMEs) in Egypt, MSMEDA announced on June 13th.
The agreement aims to finance MSMEs with a focus on value chains and industrial projects across the country by securing financing for around 520 beneficiaries, which would provide nearly 1,200 job opportunities, MSMEDA’s CEO Basel Rahmy said.
For her part, Minister of International Cooperation Rania Al-Mashat noted that SAGMC has offered EGP 1.5 billion in financing so far to MSMEs, funding 3,524 projects in 27 governorates and created around 17,000 job opportunities.
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