Arab Finance: The Micro, Small and Medium Enterprise Development Agency (MSMEDA) inked a €30 million financing agreement with KfW Development Bank to support micro-enterprises across Egypt, with a focus on productive businesses, women-owned enterprises, and projects operating in underserved areas, as per a statement.

Mostafa Ismail Hassan, CEO of MSMEDA, said the financing will target micro-enterprises operating across various economic sectors, particularly productive projects. It will also support businesses operating in the informal economy to encourage their transition into the formal sector.

The financing will further support access to funding for women-owned businesses, enabling them to develop and expand their operations.

Hassan said the new financing provided by MSMEDA through KfW Development Bank will help business owners maintain their operations while supporting the creation of more decent and sustainable job opportunities for young people, recent graduates, and women.

As part of MSMEDA’s efforts to promote financial inclusion and extend financing to underserved groups and regions, women are expected to account for more than 60% of the project’s total beneficiaries.

More than 80% of the financing will also be directed to border governorates, Upper Egypt, and rural areas, according to Hassan.