Home MoneyBanks Egypt’s MSMEDA inks €60 mln loan, grant deals with EIB

Egypt’s MSMEDA inks €60 mln loan, grant deals with EIB

by Abdel Halim El Gendy
MSMEDA

Egypt’s Micro, Small, and Medium Enterprise Development Authority (MSMEDA) has signed on Saturday two loan and grant agreements worth €60 million with the European Investment Bank (EIB).

The loan will be directed to support a number of developmental projects in the Egyptian governorates, MSMEDA’s head Nevine Gamea said on the sidelines of Africa 2018 Forum in Egypt’s tourist resort of Sharm El-Sheikh.

Africa Forum, Egypt’s biggest international gathering, is placing this year special focus on issues of concern to African youth and women empowerment. The first day’s events will feature a Young Entrepreneurs’ Day and a discussion on Women Empowering Africa.

“The loan deal will be directed to fund small and medium enterprises (SMEs) worth €45 million in a bunch of Egypt’s governorates, with a maturity period of four years at a concessional rate,” Gamea told Amwal Al Ghad.

The grant agreement, which is at a value of €15 million, is set to be directed to finance various infrastructural flagships in six Egyptian governorates of Giza, Alexandria, Assiut, Monufia, Port Said, and Sharqia, she added.

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