Minister of Planning Hala El-Said (second from right) attending the signing of a protocol agreement on Thursday between Egypt s Micro, Medium, and Small Enterprises Development Agency (MSMEDA) and the Agricultural Bank of Egypt. Photo courtesy of Planning Ministry
The funding agreement aims to support the Bab Rizq initiative, which falls under the umbrella of the National Project for Development of the Egyptian Family, according to a statement by the Ministry of Planning and Economic Development, which MSMEDA is affiliated with.
Basel Rahmy, CEO of MSMEDA, stated that the agreement will fund around 3,000 micro-enterprises.
Priority will be given to women living in villages across 20 governorates targeted by the Decent Life initiative, he added, referring to presidential initiative that aims to improve standards of living in the countryside.
The agreement will provide up to EGP 100,000 (just over $3,200) per loan and wider customer access via the bank's extensive branch network, particularly in rural areas, Rahmy added.
Till now, MSMEDA and the bank have financed around 20,000 micro-enterprises with contracts worth EGP 156 million used as revolving loans, and over EGP 160 million disbursed through the bank's branches nationwide, Rahmy noted.
Minister of Planning Hala El-Said, who attended the signing ceremony, highlighted the agreement’s role in empowering women by improving their economic status and allowing them to live a decent life.
The National Project for Family Development, El-Said explained, is also working on awareness, legislative reform, service digitalization and health services provision.
The project is planning to expand the use of positive incentives, including financial incentives like insurance policies that grant women up to EGP 60,000, she added.
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