MSMEDA secures $30.9 mln from Bank of Cairo to support microbusinesses in Egypt
Tuesday, 29 October 2019 18:51
State-owned Bank of Cairo signed with Micro, Small and Medium Enterprise Development Agency (MSMEDA) a loan agreement for an amount of EGP500 million ($30.9 million).
As part of this deal, Bank of Cairo will provide loans of up to EGP30,000 at affordable interest rates to about 50,000 microenterprises listed by MSMEDA. The money will be granted under the Bedaity financing project, an initiative of MSMEDA dedicated to the financing of micro-entrepreneurs.
In H1 2019, Bank of Cairo's loan portfolio increased by about EGP7 billion to EGP73 billion. Small and medium-sized enterprises (SMEs) captured 16% of this sum.
Let’s note that between January and September 2019, MSMEDA granted loans amounting to EGP2 billion to about 145,000 small businesses through public financial institutions and NGOs.
Chamberline Moko
Live News
-
MTN, SANTACO Partner to Digitize South Africa’s Minibus Taxi Industry
20:05
-
Société Générale Exits Guinea as AFG Holding Takes Over
17:23
-
Namibia Growth to Slow in 2025 Before Rebounding in 2026, Central Bank Says
17:08
-
AfDB Projects Gabon Must Raise $1.18 Billion Per Year Until 2030
17:02
-
Togo Calls on Organic Producers to Align with Updated European and American Certification Requirements
16:38
-
Togolese Government Secures Stable, Accessible School Supplies for 2025
16:20
-
SAT Magazine Seeks CFA30mln to Expand Productive News in Africa
15:08
-
Access Bank Cameroon Concludes WeMentor Program, Championing Women Entrepreneurs Nationwide
11:27
-
Joseph Lukula Automates Banking for Small Businesses
08:21
-
Togo Raises CFA33 Billion in Strong Regional Market Comeback
17:42
• New system will link banks, fintechs, and mobile operators in a single platform• Real-time transfe...
Starlink lost 2,000 Kenyan users in Q1 2025, dropping to 17,066, as local ISPs grew 8%. High...
Abdul Samad Rabiu is now the richest investor on NGX, with ₦15.23 Trillion in BUA Foods and Cement...
President Bola Tinubu signs NIIRA 2025, replacing the 2003 insurance law. The law raises capi...
Symbion pledges $700 million for 140 MW methane plant on Lake Kivu. Investment is, however, ...
MTN and SANTACO signed a reseller deal on 13 Aug 2025. Gauteng taxis gain MTN data, ICT, fintech tools first. Future pilots will add IoT tracking and...
• GDP growth will ease to 3.5% in 2025 from 3.7% in 2024 and below the 3.8% forecast.• Drought-hit livestock sector and weak diamond demand weigh on...
• Gabon’s economy grew 3.1% in 2024 despite a heavy debt load at 73.4% of GDP.• The country needs $1.18 billion annually to fund infrastructure,...
• Eramet names Clément Jakymiw as Director of Gabon Value Chain Transformation.• Move follows Gabon’s planned 2029 ban on raw manganese exports.• Gabon...
In the heart of the Malian city of Djenné, the world’s largest mud-brick building dominates the skyline: the Great Mosque. First built in the 13th...
• Tekken unveils "Miary Zo," a Malagasy female fighter who practices Moraingy, a traditional martial art.• She is the second African character in the...