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SMEDA signs 10 contracts with NGOs to finance micro projects worth EGP 12.2m The contracts will benefit 2,635 in eight governorates, through providing micro-loans up to maximum EGP 10,000, says Gamea
Executive Director of the Small and Medium Enterprise Development Authority (SMEDA), Nevine Al-Gamea, witnessed the signing of 10 new contracts with NGOs to finance the establishment of micro-projects in the governorates of El-Beheira, Minya, Qena, Sharqeya, Gharbeya, Luxor, Beni Suef, and Assiut. The signing of these agreements comes in line with the state policy towards supporting micro-enterprises and providing various financing services to these projects, with the aim of solving the unemployment crisis and increasing the average income in different governorates. The new contracts are worth EGP 12.2m and are financed by the French Development Agency, the Khalifa Fund for Enterprise Development in the U.A.E, and the Saudi Fund for Development, as well as the International Fund for Agricultural Development (IFAD), which will be used to implement 2,440 micro-enterprises. The contracts were signed by Gamea and heads of the NGOs' boards. According to Gamea, this funding will benefit about 2,635 people in the concerned governorates, noting that the agreements will provide micro-loans up to maximum EGP 10,000. At least 25% of the total value of those contracts will be allocated to women, especially breadwinner women, to support them economically and socially. Gamea pointed out that the authority always encourage the establishment of micro-enterprises, to provide more job opportunities and eliminate unemployment. The authority's plan depends on the expansion of lending through civil associations and institutions in villages and neighbourhoods across all governorates.
