(MENAFN- Daily News Egypt) Basel Rahmi, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), witnessed the signing of a new micro-financing agreement with Cash Microfinance worth EGP 100m. The contract was signed by Nevine Badr El-Din, Head of the Central Microfinance Sector at MSMEDA, and Marcos Selib, CEO and Managing Director of the company, in the presence of several officials from both MSMEDA and the company.
The purpose of the agreement is to inject EGP 100m from MSMEDA into the micro-enterprise sector across all governorates through the offices and branches of Cash Microfinance.
Rahmi emphasized the Authority's commitment to implementing the directives of Mostafa Madbouly, Prime Minister and Chairperson of the Authority, to facilitate and ensure the availability of necessary funds for micro-enterprise owners in all fields and across various governorates. This aims to encourage self-employment, reduce unemployment, and create new job opportunities. He noted that the Authority is working to expand its collaboration with microfinance companies and increase its microfinance portfolio.
MSMEDA, Cash sign EGP 100m deal to finance 2,000 micro-enterprises
He noted that the new financing will be directed to all targeted groups of micro-enterprises nationwide, especially youth and women. This support will help develop or expand existing projects and establish new ones in various commercial, service, and agricultural sectors, with a particular focus on productive and industrial projects due to their added value to the national economy. Additionally, environmental conditions for establishing these projects will be strictly adhered to.
Rahmi added that this agreement will encourage microfinance clients to join the formal system and benefit from the advantages and incentives provided by the Enterprise Development Law, aligning with the state's directions in this regard.
Nevine Badr El-Din, Head of the Central Microfinance Sector at MSMEDA, stated that the company will re-lend the financing amount to final borrowers from the targeted groups and experienced individuals wishing to develop existing projects. The aim is to finance working capital and the purchase of machinery and equipment. She noted that approximately 2,000 beneficiaries are expected to be financed by this project, which aims to create more job opportunities, especially in areas that require these financial services, thus contributing to the expansion and development of these projects.
Marcos Selib, CEO and Managing Director of Cash Microfinance, highlighted the positive impact of the new agreement on the company's expansion plans for microfinance and increasing its portfolio.
He said that the new funding will focus on encouraging industrial projects by offering distinctive and suitable financing products, particularly in the Upper Egypt and Delta regions, to encourage young people to start their own productive projects and create new job opportunities.
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