The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) signed a contract worth EGP 100m with the Regional Association to Develop Enterprise (RADE) in Sohag to support and develop micro enterprises within the scope of the Decent Life Presidential Initiative.
Nevine Gamea — Minister of Trade and Industry and CEO of the MSMEDA — said that the agency is keen on coordinating and cooperating with various parties concerned with implementing this presidential initiative to facilitate the access of microfinance to project owners in the areas most in need within the scope of the initiative.
She added that the MSMEDA is focusing on the governorates of Upper Egypt as per the state’s directions, pointing out that the agency has funded more than 5,700 projects in villages and districts targeted by the presidential initiative in Sohag from 2021 until the end of April 2022, with funding exceeding EGP 188m, thus creating 12,580 job opportunities.
For his part, Governor of Sohag Tarek Al-Fekky praised the important role the MSMEDA plays in providing various aspects of support to citizens — especially youths and women — to improve their quality of life by providing their financing needs and the technical services needed.
Nevin Badr Al-Din — Head of the Central Microfinance Sector — explained that the new contract aims to establish new micro enterprises and assist projects based on development and expansion in various economic, agricultural, commercial, service, and industrial sectors to meet the needs of the local market for these products.
She also indicated that it is expected that about 4,000 project owners will be financed through this contract, with the amount of funding available for each project reaching EGP 200,000.
Furthermore, Badr Al-Din said that the agency is working to increase the number of intermediary agencies it cooperates with, including NGOs that re-lend funds to clients and project owners, especially young graduates of both genders and experienced people who wish to develop their businesses.
Chairperson of RADE Mohamed Nashaat explained that RADE works in the field of microfinance and local community development through eight branches — Sohag, Akhmim, Maragha, Tahta, Tama, Gerga, Al-Balina and Dar Al Salam — which means that it is able to reach the targeted groups in various areas of the governorate. It also calls on citizens in these areas to go to the association’s branches and obtain the appropriate funding for their projects.
For his part, Amr Ibrahim — Director of the Sixth District — indicated that the agency is currently preparing workshops in seven districts that the initiative targets in Sohag, which comprise a total of 181 villages. The workshops aim to raise the efficiency of civil associations and familiarise them with the funding mechanisms available in the agency to benefit all the people of the governorate.
Nader Abdel Zaher — Director of the MSMEDA’s branch in Sohag — said that the branch provides indicative feasibility studies for young people to establish new small and micro enterprises that meet the needs of the market in the governorate.
He also invited citizens to go to the headquarters of the agency’s branch to learn about and benefit from all the services it provides.