France to provide nearly $2 mln to women-owned micro-enterprises in Egypt

The funding agreement aims to support the Bab Rizq initiative, which falls under the umbrella of the National Project for Development of the Egyptian Family, according to a statement by the Ministry of Planning and Economic Development, which MSMEDA is affiliated with.

Basel Rahmy, CEO of MSMEDA, stated that the agreement will fund around 3,000 micro-enterprises.

Priority will be given to women living in villages across 20 governorates targeted by the Decent Life initiative, he added, referring to presidential initiative that aims to improve standards of living in the countryside.

The agreement will provide up to EGP 100,000 (just over $3,200) per loan and wider customer access via the bank's extensive branch network, particularly in rural areas, Rahmy added.

Till now, MSMEDA and the bank have financed around 20,000 micro-enterprises with contracts worth EGP 156 million used as revolving loans, and over EGP 160 million disbursed through the bank's branches nationwide, Rahmy noted.