Within this framework, Chief Executive Officer (CEO) of MSMEDA Bassel Rahmy, and Director for North Africa at KfW Development Bank Dr. Daniela Beckmann signed an agreement providing EUR 12 Million to MSMEDA.
The aim of this agreement is to channel financial and technical support to such micro-enterprises that generate a positive impact on climate and operate in the field of renewable energy (operation of irrigation pumps by clean energy instead of fuel...).
"This finance aligns with MSMEDA's plans to contribute to the efforts undertaken by the State to reduce pollution, expand the utilization of clean energy and secure financial resources necessary for stimulating entrepreneurs to adopt optimal traditional energy alternatives and abide by international environmental standards and safeguards," Rahmy said.
Rahmy added that KfW is a major donor agency that supports MSMEDA on micro and small enterprise development (MSE). He praised the role performed by Ministry of International Cooperation particularly in coordinating efforts with international donor agencies and promoting MSE contribution to supporting the national economy.
"Such new finance contributed by KfW complements previous MSMEDA-KfW cooperation that has already resulted in establishing thousands of micro and small enterprises creating sustainable job opportunities." CEO of MSMEDA stated.
"Cooperation between MSMEDA and KfW marks a quantum leap in this current phase thereby supporting these kinds of micro-enterprises that create a positive impact on climate and establishing better access for entrepreneurs to a bundle of diversified financial and technical services," Rahmy added.
Meanwhile, Dr. Beckmann expressed appreciation for MSMEDA's ongoing activities and voiced willingness to promote future MSMEDA-KfW cooperation in support of activating the role of the private sector and stimulating these micro and small enterprises that utilize renewable energy sources and abide by the environmental regulations and safeguards.