The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has signed a significant agreement with Erada Microfinance, securing EGP 60m to support micro-enterprises. This funding initiative is expected to finance approximately 1,700 new or existing ventures, with a focus on productive and agricultural projects tailored to meet local market demands. The signing ceremony was attended by Basel Rahmy, CEO of MSMEDA, and Marian Ghali, Chairperson of Erada Microfinance. Nevine Badr El-Din, Head of the Central Microfinance Sector at MSMEDA, signed the agreement alongside Amr Aboul Azm, Vice Chairperson and Managing Director of Erada, and Noha Roshdy, Board Member. Other notable attendees included Mohamed Medhat, Deputy Executive Director of MSMEDA, and senior officials from both entities. Rahmy emphasized MSMEDA's commitment to collaborating with financial institutions to provide technical and financial support for micro-enterprises. These businesses serve as a cornerstone for generating employment opportunities, particularly for youth and women in governorates nationwide. This initiative aligns with the state's strategy to foster the growth of micro-enterprises as a key driver of the national economy. He also highlighted MSMEDA's objective to broaden its partnerships with microfinance companies, including newly established entities, to ensure wider access to financial resources for end beneficiaries. The agreement will enable funding of up to EGP 242,000 per project, depending on individual requirements. Priority will be given to productive and agricultural initiatives that contribute to meeting domestic market needs. This strategic focus underscores the critical role of micro-enterprises in supporting sustainable development. Marian Ghali, Chairperson of Erada Microfinance, stated that the agreement aligns with Erada's vision to amplify investment in micro-enterprises, recognizing their importance in driving economic growth. She highlighted the company's commitment to supporting productive and agricultural sectors, promoting sustainable investments, and empowering communities. Nevine Badr El-Din noted that MSMEDA had previously collaborated with Erada in November 2023, injecting EGP 100m into the company. This initiative funded approximately 3,400 micro-enterprises and created over 6,600 job opportunities. Women entrepreneurs represented 52% of the funded projects, while 46% of beneficiaries were youth under 35 years old. Additionally, around 8% of the funding supported production and industrial sectors. Amr Aboul Azm emphasized Erada's focus on leveraging financial technology to enhance financial inclusion and create sustainable job opportunities. The company aims to empower women and youth while strengthening the agricultural sector. This collaboration with MSMEDA is a step toward achieving inclusive economic growth that benefits society as a whole.
