Economics

Egypt’s Trade min.: MSMEDA funds 48,743 projects by LE1.19 bn in 4 months

CAIRO, May 26 (MENA) – The Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) funded 48,743 micro and small-sized enterprises by EGP 1.19 billion from January to April 2020, said Trade and Industry Minister Niven Gamea.
According to a statement by the agency on Tuesday, the minister considered as "good" the amount of funding, taking into account the negative economic impacts that emerged with the outbreak of the novel coronavirus (COVID-19) pandemic.
She added that the small volume of project financing is "normal" in light of the current crisis in all world countries, including Egypt, however all crises generate vast investment opportunities, which youth can exploit and succeed in.
She further noted that there are many industrial, services and commercial sectors that have increased their operating rates and profits during this severe crisis, topped by the preventive and medical supplies sector, sterilization products, e-marketing and technology support services sector, in addition to many other areas.



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