Head of the micro financing department at the Micro, Small and Medium Enterprise Development Authority (SMEDA), Nevein Badr El Din, signed nine new financing contracts of micro-projects on Wednesday with a number of NGOs in Sharqia, Minya, Beni Suef, Qena, and Sohag governorates.
According to Nevein Gamea, SMEDA CEO, the total value of these contracts is EGP 15m collected through a number of agreements with several funds in coordination with the Ministry of Investment, including the Khalifa Fund for Enterprise Development, the Arab Fund for Economic and Social Development, and OPEC.
She added that the allocated funding will be directed to the implementation of nearly1,500 micro-projects, which will provide thousands of jobs in the mentioned governorates. The size of each micro-loan reached EGP 10,000, with 25% of the total contracts to be allocated for projects owned by women or the main beneficiary of them are women, especially female breadwinners.
Gamea pointed out that the SMEDA always seeks to expand in supporting the establishment of micro-projects, whether technically or financially, in cooperation with experienced associations and civil institutions spread in villages and neighbourhoods nationwide.