Egypt to sign 45 million euro loan deal with EU to support SMEs

MENA , Sunday 9 Dec 2018

The executive director of the Micro, Small and Medium Enterprise Development Agency (MSME) Nevine Gamea has said that Egypt will ink a 45-million-euro loan deal with the European Union by the beginning of 2019.

In press statements on the sidelines of Africa 2018 forum, Gamea said the deal underscores the EU's continued commitment to supporting small enterprises in Egypt.

Egypt has also signed a 15-million-euro grant with the EU to support infrastructure development in six governorates, including Assiut, Giza, Sharqiya and Port Said, she added.

Gamea also said that the MSME's CEO will now be appointed by the prime minister for a four-year term.

She said that the MSME has achieved great success with the projects it has funded, adding that it bankrolled 160,000 projects over the past six months and created 305,000 jobs.

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