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Finance

MSMEDA secures $30.9 mln from Bank of Cairo to support microbusinesses in Egypt

Tuesday, 29 October 2019 18:51
MSMEDA secures $30.9 mln from Bank of Cairo to support microbusinesses in Egypt

(Ecofin Agency) - 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





 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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