ArabFinance: The European Union (EU), the European Investment Bank (EIB) and the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), in collaboration with the Ministry of International Cooperation, will launch infrastructure projects in six governorates across Egypt, including Port Said, according to a press release by the EU on April 14th.
A delegation from the three entities visited the three projects, funded jointly by the EU and EIB namely: a wastewater network renovation project that is currently under implementation, with a budget of EGP 30 million and El kabooty Youth Centre renovation and maintenance project with a budget of EGP 4 million, in addition to the Ismail El kabany School rehabilitation project, still under implementation, with a budget of EGP 2 million.
These projects have created more than 12,000 daily jobs for unemployed workers from the community.
Between 2014 and 2021, MSMEDA mobilised EGP322.6 million for Port Said in loans and grants; loans amounted to EGP 304.1 million and financed the establishment of around 9,000 small and micro enterprises, creating around 16,000 job vacancies.
The EIB loan will offer new credit lines to small and medium enterprises. The Programme address multiple Sustainable Development Goals (SDGs) including Decent Work and Economic Growth, Industry, Innovation, Infrastructure, and Sustainable Cities and Communities.
Under phase two of the Programme, MSMEDA signed framework agreements totalling EGP 111 million with six governorates (Alexandria, Port Said, Giza, Assiut, Menufia and Sharqia) to support the provision and enhancement of community facilities.
The projects include drinking water networks, sewage networks, paving side roads with interlocking paving, schools, health clinics, and youth centres.
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