Financial leasing company Global Lease and Egypt’s SME Development Authority have signed a EGP 20 million contract to fund a number of small and medium-sized projects, Al-Ahram’s Arabic news website reported on Monday.
The funding is a first tranche that will be disbursed by Global Lease within one year, the SME Development Authority’s executive director Niveen Gamea said.
The funding agreement targets attracting at least 20 clients, with funding of at least EGP 50,000 and a maximum of EGP 1 million, Global Lease executive director Hatem Samir said.
Small and medium-sized enterprises represent 35 percent of Global Lease’s portfolio, he added.
The SME Development Authority was previously called the Social Fund for Development.