The AFD also known as the French Agency for Development has managed to secure roughly about EUR 50 million which is roughly a $58.7M credit line for MSMEDA also known as Micro, Small, and Medium Enterprises Development Agency. Their aim is to promote women’s entrepreneurship across Egypt and that’s not all.
It was revealed by Andrew Emad, the Junior Investment Officer on Friday that the agency is providing loans and will be granting to the MSMEDA through Egyptian banks. All the effort is made to help the youth improve further in entrepreneurship across Egypt, specifically amongst women. But at the core of this movement does have a larger goal of promoting women at political empowerment along with siding with gender equality.
The agreement was settled back in January last year and it included an additional 1 million EUR which is roughly a $1.17M grant from the EU which was revealed by Emad. He managed to report that the financing has been having a massive amount of budding entrepreneurs in Egypt ahead of the scheduled time. And all of it happening since the deal was signed, and that between the AFD and the MSMEDA the two agencies. They have already funded 7,039 projects in various Egyptian governorates, generating a total of 17,620 jobs and there’s more to it.