MSMEDA, Tamweely pen EGP 150M financing deal for projects in 4 governorates
Updated 9/17/2023 9:01:00 AM
Arab Finance: Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) has signed an EGP 150 million financing agreement with the non-banking financial service provider Tamweely, MSMEDA stated on a statement on September 16th.
The signed deal aims at financing existing and new projects in the governorates of Kafr El-Sheikh, Beni Suef, Minya, and Aswan.
Nearly 6,000 people are expected to benefit from the financing.
MSMEDA’s CEO Bassel Rahmy said that boosting microfinance in Egypt contributes to the creation of a new generation of male and female entrepreneurs by encouraging them to establish new projects or expand their existing ones.
On September 12th, MSMEDA penned an EGP 150 million financing agreement with Reefy to back micro- and medium-sized enterprises operated by Egyptian women.
The agency has provided EGP 2.1 billion in financing to around 80,000 projects during the first six months of 2023.
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