Egypt to get EUR 80m loans from European institutions

Cairo – Mubasher: Egypt's Mirco, Small, and Medium Enterprises Development Agency (MSMEs) will sign an agreement with the French Development Agency (AFD) to obtain EUR 50 million and another deal with the German state-owned development lender KfW to win EUR 30 million funding.

The Egyptian investment and international cooperation ministry is in talks with the World Bank to secure another credit facility in a bid to fund micro enterprises, MSMEs’ CEO Niven Gamea said, giving no further details on its amount. 

The Egyptian agency’s accumulated portfolio reached EGP 42.5 billion by the end of June, of which 36.5 billion were loans, along with allocating EGP 6 billion are for funding the infrastructure projects and human calibers, she added.

The CEO further noted that since April 2017 until June 2018 the agency pumped EGP 6.6 billion into 320,000 projects that created 460,000 job opportunities.

Gamea indicated that the Egyptian body hammered out credit agreements with the United Bank and Agricultural Bank of Egypt to secure EGP 120 million and EGP 50 million, respectively.

Mubasher Contribution Time: 05-Sep-2018 11:46 (GMT)
Mubasher Last Update Time: 05-Sep-2018 12:06 (GMT)