The Agricultural Bank of Egypt (ABE) and the Micro, Small, and Medium Enterprises Development Agency (MSMEDA) have signed a financing deal of EGP 3.583bn to support around 160,000 small and micro-enterprises in various sectors.
Alaa Farouk, the chairperson of ABE, emphasized that the partnership between the two organizations is a successful example of integration among state institutions to achieve sustainable development and support the national economy.
Farouk also highlighted that these loans have significantly contributed to the development of rural communities. Recently, the two parties signed a new financing contract of EGP 60m to support micro-enterprises owned by women within the Egyptian Family Development Initiative framework.
During his visit to the governorate of Fayoum, Farouk, along with Basil Rahmi, CEO of MSMEDA, and Ahmed Ansari, the governor of Fayoum, inspected the training program to empower Egyptian women in the village of Qalhana.
Ansari praised the constructive cooperation with significant financing and banking agencies like MSMEDA and ABE and their joint project, “Bab Rizq,” aimed at providing necessary financial and technical services to women to encourage self-employment, help them establish small enterprises, and create jobs. He also emphasized that this project would positively impact thousands of women in villages and districts, providing a better standard of living for them and their families.
Rahmi explained that the training programs implemented within the “Bab Rizq” contract signed with ABE aim to support women in managing their enterprises and enhancing their management capabilities.
The training includes various aspects, such as preparing a feasibility study, a simple business plan, and marketing mechanisms, whereby women receive theoretical and practical training.
The CEO of MSMEDA stressed the importance of cooperation with ABE and mentioned that the loan size amounts to EGP 100,000, and approximately 3,000 micro-projects will be financed during the project’s implementation period in the villages of the “Decent Life” initiative in 20 Egyptian governorates, including Fayoum.
