Egyptian president endorses $95M fund by OFID to MSMEs

CAIRO – 29 April 2021: President Abdel Fatah al-Sisi endorsed Thursday an agreement between Egypt and OPEC Fund for International Development (OFID) to launch the third phase of the micro, small and medium enterprises development project worth $95 million.  

The agreement was signed on June 22, 2020 and mainly targets youth and women. The financing to beneficiaries will be made available through intermediaries like banks, NGOs, financial institutions as well as directly.  

The president issued a decree in February 2020 approving a loan worth $14 million provided by OFID to establish grain storage facilities in Port Said.

In September 2018, OFID provided grants to the Regional Center for Egypt's Renewable Energy and Energy Efficiency (RCREEE) and the Bibliotheca Alexandrina.