The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has signed a new financing contract with Tamweely Microfinance, worth EGP 150m. The contract aims to expand and establish micro-projects in 30 desert villages in four governorates: Kafr El-Sheikh, Beni Suef, Minya, and Aswan.
The contract was signed in the presence of Basil Rahmi, CEO of MSMEDA, by Nevine Badr El-Din, Head of the Agency’s Central Microfinance Sector, and Ahmed Khorshid, Managing Director and CEO of Tamweely. The contract is expected to benefit 6,000 people in the targeted areas.
Rahmi said that the contract is part of the state’s plan to promote the micro-enterprise sector and encourage self-employment in the desert hinterland villages. He added that the contract is also consistent with the state’s plan to create new urban areas that contribute to economic growth and social development.
He stressed that microfinance helps create a new generation of entrepreneurs, especially among young people and graduates, by providing them with the necessary funds to start or expand their projects. He said that microfinance also creates decent job opportunities and improves the economic level of the beneficiaries.