MSMEDA, Kredit seal $2.1mln deal to finance SMEs

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The Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) has cooperated with the lending firm Kredit to provide EGP 100 million in financing for small- and medium-sized enterprises (SMEs), as per a statement on April 4th.

Both sides have also inked a contract worth EGP 50 million, which is the first tranche of the abovementioned financing.

The second EGP 50 million tranche will be provided immediately after using the first one, the statement read.

Under this contract, SMEs will be granted financing ranging between EGP 500,000 and EGP 5 million per project, MSMEDA’s CEO Basel Rahmy said.

He added that the contract would finance new and existing SMEs across several economic sectors, especially productive ones.

This is along with funding machinery and equipment purchases as well as the working capital, Rahmy noted, adding that a special focus will be on financing new and women-led projects.