MSMEDA provides financing for micro enterprises to raise environmental efficiency, reduce pollution

Daily News Egypt
3 Min Read

Nevine Gamea, Executive Director of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), said that supporting small and micro enterprises environmentally is one of the most important priorities of the agency.

It comes in line with the state’s directions to reduce pollution, expand the use of clean energy and encourage project owners to use optimal alternatives to traditional energy.

MSMEDA signed two contracts in Fayoum to finance micro projects in the governorate, with a total of up to EGP 10m, to provide solar-powered irrigation pumps instead of relying on traditional fuel.

Ahmed Al-Ansari, Governor of Fayoum, stressed the continuation of cooperation between the agency and the governorate to provide various aspects of support to the small and micro enterprises sector and to expand the provision of various financing and technical services to the owners of these projects, explaining that the new funding will support hundreds of projects operating in the agricultural sector and help them transform into sustainable projects.

Nevine Badr El-Din explained that the new funding for agricultural projects comes within the framework of cooperation between the agency and the International Finance Corporation (IFC), which provided technical support to the agency and NGOs to help agricultural projects use environmentally friendly mechanisms. It also identified the appropriate governorates and NGOs to expand this type of projects. Badr added that about 400 clients who own agricultural projects and activities related to agricultural production in Fayoum Governorate will benefit from this funding by relying on solar-powered irrigation pumps and reducing polluting emissions resulting from the use of diesel generators.

The new contract aims to establish new micro-projects, as well as assisting projects based on development, expansion, replacement and renewal by providing loans to establish projects that provide permanent and temporary job opportunities and work to increase production and income, which is reflected in improving living life and advancing development.

Nevine added that EGP 5m will be allocated to finance about 5,000 women through the project “Our future is in our hands” in cooperation with the Sawiris Foundation for Development, with the aim of supporting women-owned projects and enhancing the ability of these projects to continue, be competitive and absorb more job opportunities, and empower women economically.

Share This Article