Egypt's Sovereign Fund partners with Scatec, Fertiglobe to develop green hydrogen facility    IMF sees Egypt's government gross debt hitting 91.4% of GDP in 2021    Egypt to be listed on JP Morgan emerging bond index late January 2022    Egypt hosts regional conference of EU refugee agency EASO    SCOHRE sparks discussion on harm reduction, tobacco control    TikTok hits 1 billion monthly active users worldwide    Egypt to receive first of six high-trains from Spain's Talgo in mid-November    Healthy food brand Abu Auf plans Egypt IPO in Q2-2022    National Bank of Egypt wins licence to open Saudi Arabia branch    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Over 100 officials resign from Tunisia's main Islamist party    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egyptian court bans use of mosques for political purposes    Brazil calls up 8 EPL players for World Cup qualifying    Refugees in fear as sentiment turns against them in Turkey    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Huawei Technologies has invested $10 mln over 5 years in innovation centres in Egypt    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    US emphasises AU's role in mediating Ethiopian damdispute    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



SMEDA signs EGP 150m contract for microlending with Banuqe du Caire
The loan is worth EGP 30,000, about 15,000 projects will be financed in Qena, Souhag, Assiut, Minya, Beni Suef, Behira, Kafr Al Sheikh: Gamea
Published in Daily News Egypt on 19 - 06 - 2017

Executive Director of the Small and Medium Enterprise Development Authority (SMEDA),Nevine Al Gamea, and the chairman of Banque du Caire,Mounir El Zahid, have signed a contract for a project that aims to improve incomes, as well as marketing abilities through the provision of micro loans, for a total of EGP 150m within the framework of the agreement of the International Fund for Agricultural Development (IFAD).
The project goal is to finance existing projects by carrying out developments, expansions, and restoration through the provision of loans that help these projects continue and compete. The projects provide permanent and temporary jobs and work to increase production and income that will leave a positive impact on the lives of the owners of these projects or those working in them.
Signing this contract is part of the authority's plan, is in cooperation with development partners, supports the initiative launched by the Central Bank of Egypt (CBE) and the Egyptian Microfinance Federation (EMF), while still paying special attention to women and young people. The percentage of projects allocated for women in the contract is 35% of the total financing, according to Gamea.
She added that the amount of the loan is estimated at EGP 30,000. About 15,000 micro projects will be financed during the implementation process of the project in the governorates of Qena, Souhag, Assiut, Minya, Beni Suef, Beheira, and Kafr El Sheikh.
The volume of the contracts concluded between Banque du Caire and SMEDA since 2012 has reached EGP 1.149 and is used as revolving loans through which 253,000 micro projects have been financed through the branches of the bank spread across the country. Several other contracts are supposed to be entered into soon.


Clic here to read the story from its source.