(Ecofin Agency) - Egypt’s Micro, Small and Medium Enterprises Development Agency (MSME) engaged negotiations with foreign financial institutions to secure between €200 million and €300 million in order to support local banks that provide funds to micro-enterprises.

According to local media which relayed the news, Niven Gamea (photo), the agency’s MD, revealed that talks are well advanced with the German bank (KfW Development Bank), World Bank and French Development Agency. These institutions would provide new funding to MSME before the end of 2018.

MSME said it injected last year nearly EGP215 million (about €10 million) to finance 14,000 micro, small and medium-sized enterprises that helped generate 19,000 jobs.

Chamberline Moko