• MSMEDA and Reefy sign USD 6.3M (EGP 300M) financing deal to support 3,000 micro-enterprises across Egypt’s governorates and rural areas.
• Financing per project can reach USD 5.6K (EGP 266K), helping citizens and youth establish or expand micro-enterprises in multiple sectors.
• The agreement aligns with state directives, aiming to generate jobs and expand access to finance for underserved communities nationwide.

MSMEDA

The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) and Reefy Microfinance Enterprise Services signed a financing agreement worth around USD 6.3 million (EGP 300M). 

The agreement was witnessed by Mohamed Medhat, Deputy CEO of MSMEDA, and Ahmed Labib, Managing Director and CEO of Reefy, in the presence of Basel Rahmy, CEO of MSMEDA.

The CEO of MSMEDA, Basel Rahmy, asserts that the agency is working to expand financing for micro-enterprises. This is because they play a vital role in generating job opportunities across various production, agricultural, and service sectors.

Basil Rahmy further adds that the financing for each project can reach up to USD 5,600 (EGP 266K). This depends on the project’s financial needs. Moreover, this agreement expects to finance a total of 3,000 micro-enterprises across various governorates.

The cooperation with Reefy aims to channel financing through the company’s network of 220 branches nationwide. This is to support citizens and youth in establishing new micro-enterprises. It also seeks to assist existing projects with development, expansion, replacement, and renewal by providing the necessary funding.

Financing Microenterprises

MSMEDA is keen on cooperating with a large number of specialized companies with experience in financing this sector. This is due to their ability to reach target groups in all governorates, villages, and rural areas, and meet their financing needs. 

CEO Rahmy also emphasizes the Agency’s commitment to implementing the state’s directives and the guidance of Prime Minister Dr. Mostafa Madbouly, who is also Chairman of the Agency, to expand financing for micro-enterprises because of their importance in creating job opportunities for citizens and youth.