MSMEDA Funds 20,526 Projects With €50M AFD Credit Line

2024-09-23 02:10:08

(MENAFN- Daily News Egypt) Bassel Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), held a meeting with Eric Chevallier, the French Ambassador to Egypt, along with heads of the agency's international cooperation department. The discussion focused on the outcomes of the Urban Upgrading and Employment Enhancement Program in unplanned areas, implemented by the agency in Cairo and Giza governorates, and funded by the European Union through a grant delegated to the French Development Agency (AFD).

The programme aims to develop infrastructure and provide essential services to help citizens establish new small businesses or expand their existing ones. The meeting highlighted the agency's and AFD's participation in the upcoming World Urban Forum, scheduled for November, where they will present the accomplishments of the Urban Upgrading Programme.

Rahmy emphasized the agency's commitment to intensifying collaboration with French development institutions to implement more developmental programs and projects in Egypt. He highlighted AFD as a key partner in many developmental activities that have had a positive social and economic impact, particularly in the areas where infrastructure projects have been executed in cooperation with relevant local authorities.

He also pointed out that MSMEDA implemented a credit line for the Women-Owned Business Support Programme (WBSP), funded by AFD with €50m. This initiative has significantly contributed to the agency's economic empowerment goals for women and the financing of their businesses. To date, 20,526 projects have been funded, creating 47,616 job opportunities. Thousands of women entrepreneurs have also benefited from the program's services, which include technical support, and administrative and marketing capacity building.

Rahmy expressed his eagerness to enhance cooperation with AFD in the coming period across several areas, including participation in the Turathna Exhibition scheduled for the end of this year, updating Egypt's national strategy for handicrafts, supporting digital transformation initiatives, and establishing a national platform for micro, small, and medium enterprises.

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