Egypt’s Ministers Nivine Gamea of Trade and Industry and Rania al-Mashaat of International Co-operation had talks on securing needed finance to expand the activities of the Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) in order to create thousands of jobs.
In a statement on Wednesday, Gamea said the International Co-operation Ministry is a key partner supporting the MSMEDA as it always works on mobilising financing for the agency.
She added that the MSMEDA has gained confidence of a large number of donor and international bodies, especially after doubling the funds allocated for bankrolling projects in the past few years.
The MSMEDA managed to inject about LE36 billion into about 1.4 million small businesses.
She said that co-operation with donor countries and agencies via the International Co-operation Ministry falls within the framework of achieving the Sustainable Development Goals and Egypt Vision 2030.
For her part, Mashat said the ministry seeks promoting small business via development financing.
In 2020, the ministry agreed with a number of financing bodies for channeling US$457 million for the government sector and US$3.2 billion for private sector, including credit lines for local banks to offer loans to small businesses.
She referred to development partners as including the European Bank for Reconstruction and Development, European Investment Bank and the World Bank.
She noted that the Saudi Fund for Development offered a US$200 million grant that helped finance more than 2,500 development projects in various governorates.
These projects secured over 12,000 jobs, thus promoting the sustainable development goals.
