Following an agreement between Egypt’s Micro, Small and Medium Enterprises Development Agency (MSMEDA) and the Agricultural Bank of Egypt, the French Development Agency (AFD) will grant EGP 60 million ($1.94 million) to assist women-owned microenterprises in Egypt.
According to a statement from the Ministry of Planning and Economic Development, with which MSMEDA is linked, the financial arrangement intends to assist the Bab Rizq project, which comes under the umbrella of the National Project for Development of the Egyptian Family.
According to Basel Rahmy, CEO of MSMEDA, the arrangement will support around 3,000 micro-enterprises.
Priority would be given to women living in villages in the 20 governorates targeted under the Decent Life project, he added, referring to the presidential effort aimed at improving rural living conditions.
The deal would give up to EGP 100,000 (just over $3,200) per loan and expanded consumer access through the bank’s broad branch network, particularly in rural regions, according to Rahmy.
Until date, MSMEDA and the bank have supported around 20,000 micro-enterprises with contracts worth EGP 156 million utilized as revolving loans and over EGP 160 million issued through the bank’s branches nationally, according to Rahmy.
Minister of Planning Hala El-Saeedd, 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.
