MSME signs €600M agreements during 2019: Gamea

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Wed, 15 Jan 2020 - 03:06 GMT

FILE - Nevine Gamea

FILE - Nevine Gamea


CAIRO – 15 January 2020: "Micro, Small & Medium Enterprise Development Agency (MSME) signed agreements worth about €600 million during 2019," Head of MSME Nevine Gamea said.

Gamea added that the agency's project financing portfolio pumped about LE 5.6 billion of funds during the past year for all the sectors that the agency targets, and has provided thousands of job opportunities.

This came during a press conference held Wednesday in the headquarters of MSME in the presence of representatives of KfW Bankengruppe and the European Union.

MSME pumped about LE 5.3 billion during 2018, to finance around 250,000 micro and small projects, in addition to the provision of 400,000 job opportunities.

Earlier, Director of the Central Credit Department at Micro, Small & Medium Enterprise Development Agency (MSME) Hazem Salah announced that his agency provided funds amounting to LE 50 billion during the period from 1991 to July 2018.

Salah clarified that small and medium enterprises allocated around LE 46 billion out of the total funds.

The head of MSME stated earlier that the total loans financing small and micro enterprises amounted to LE 1.479 billion pounds during the first quarter of 2019.

Gamea added that about 62,000 small and micro projects were funded, providing nearly 97,000 jobs during the period from January to March 2019.

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