The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has signed a EGP 300 million microfinance agreement with Reefy Microfinance Enterprise Services Co., according to a statement.

The contract was signed by MSMEDA's Deputy CEO Mohamed Medhat, and Reefy's Managing Director and CEO Ahmed Labib, in the presence of MSMEDA CEO Basel Rahmy.

Under the deal, financing will be channeled through Reefy’s network of 220 branches across all governorates to support the establishment of new micro projects and help existing businesses expand, upgrade, or replace equipment, Rahmy said.

Funding per project can reach up to EGP 266,000, depending on financing needs, with around 3,000 micro projects expected to be financed nationwide under the agreement, he added.

Moreover, Rahmy affirmed that MSMEDA works to expand microfinance projects for their importance in offering job opportunities across various productive, agricultural, and service sectors.

For his part, Labib stated that this project aligns with the government's efforts to promote financial inclusion by integrating underserved groups that are not engaged with the banking sector into the formal financial system, contributing to sustainable economic development.

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