The Micro, Small, and Medium Enterprises Development Authority (SMEDA) will sign a contract with the United Bank and the Agricultural Bank of Egypt following the Eid al-Adha holiday worth EGP 170m, according to Nevin Gamea, CEO of the SMEDA.
Gamea explained that the contract with the United Bank will be signed with a value of EGP 120m, while the second contract with the Agriculture Bank of Egypt is worth EGP 50m.
She noted that the SMEDA recently signed a similar EGP 100m contract with the National Bank of Egypt.
Moreover, Gamea stated that the SMEDA aims to inject over EGP 3bn to finance micro and small enterprises by the end of the year.
In response to a query by Daily News Egypt, Gamea said the SMEDA has injected some EGP 2.8bn between January and June this year to finance these projects, both directly, through banks, and NGOs. The authority aims to increase this to EGP 6bn.
She stressed that the SMEDA is focused on Upper Egypt in financing these projects, as they account for 60% of the total granted funding, as well as youth and women, who account for 40%.