The Micro, Small and Medium Enterprise Development Agency (MSMEDA) has signed a financing agreement worth EGP 300m with Reefy Microfinance Enterprise Services to support micro enterprises across Egypt.
The agreement was signed by Mohamed Medhat, Deputy CEO of MSMEDA, and Ahmed Labib, Managing Director and CEO of Reefy, in the presence of Basel Rahmy, CEO of MSMEDA.
Rahmy said the Agency is expanding financing for micro projects due to their vital role in creating job opportunities across productive, agricultural, and service sectors. He noted that MSMEDA is keen to cooperate with specialised institutions with proven expertise in microfinance, given their ability to reach target groups across all governorates, villages, and hamlets, and effectively meet their financing needs. This approach, he added, has contributed to increasing the number of funded projects.
Rahmy stressed MSMEDA’s commitment to implementing the State’s direction and the directives of Prime Minister Mostafa Madbouly, Chairperson of the Agency’s Board, to scale up financing for micro projects in light of their importance in generating employment opportunities, particularly for young people.
He explained that cooperation with Reefy aims to channel financing through the company’s network of 220 branches nationwide, supporting citizens and youth in establishing new micro projects, as well as enabling existing businesses to develop, expand, replace, or renew their activities through access to funding. This, he said, contributes to improving living standards for both project owners and workers.
Rahmy added that financing for a single project can reach up to EGP 266,000, depending on funding requirements, noting that the agreement is expected to finance around 3,000 micro projects across various governorates.
For his part, Ahmed Labib said the agreement aligns with the State’s efforts to enhance financial inclusion and integrate vulnerable groups who do not engage with the banking sector into the formal financial system, thereby supporting sustainable economic development.
Labib added that Reefy is working to expand access to financial services, particularly in villages, rural areas, and Upper Egypt, with a special focus on women and young people. This, he said, supports the State’s vision of empowering micro enterprises and increasing their contribution to the national economy.
