The Micro, Small, and Medium Enterprise Development Authority (MSMEDA) has pumped 1.4 billion Egyptian pounds into industrial projects since 2014, head of MSMEDA Nevine Gamea said. She added that MSMEDA is financing the industrial projects with an interest rate of 5 percent while increasing the limit of the granted direct loans to 10 billion Egyptian pounds. Gamea also noted that MSEDA is cooperating with Industrial Development Authority to implement the president initiative regarding establishing 4,500 factories for SMES. The initiative is under the directives of President Abdel Fattah Al-Sisi, to provide the necessary and full support for this sector. MSMEDA, previously known as the Social Fund for Development, is an autonomous development and poverty-alleviation agency, established in 1991 with support of the United Nations Development Programme (UNDP). It is an agency affiliated to Egypt's Cabinet, designed to act as a social safety net to undertake the government's economic reform programme by developing the MSME sector directly or through the coordination of the efforts of the different stakeholders.
