Egypt's MSMEDA and Kredit Unite to Inject $2.1 Million into SMEs

Egypt's Micro, Small and Medium Enterprises Development Agency (MSMEDA) has teamed up with Kredit, a lending firm, to bolster small and medium-sized enterprises (SMEs) with a financial injection of EGP 100 million, according to a statement released on Thursday (April 4th).

In a significant move, both entities have solidified an agreement worth EGP 50 million, marking the initial installment of the aforementioned funding.

The subsequent tranche of EGP 50 million is slated for disbursement immediately following the utilization of the first tranche, as outlined in the statement.

MSMEDA's CEO, Basel Rahmy, highlighted that under this arrangement, SMEs stand to benefit from financing ranging between EGP 500,000 and EGP 5 million per project.

Rahmy emphasized that the financing will cater to both nascent and established SMEs spanning various economic sectors, with a particular emphasis on those in productive industries.

Moreover, the funding will extend to cover the acquisition of machinery and equipment, as well as addressing working capital needs. Rahmy underscored a concerted effort towards supporting new ventures and projects led by women within the SME landscape.

Source: Arab Finance