MSMEDA invests LE 50M in Damietta’s furniture industry: MSMEDA CEO

The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) intends to pump about LE 50 million to finance more than a hundred furniture projects. Each project is expected to receive an average of LE 400 thousand, based on its specific requirements, the CEO of MSMEDA, Bassel Rahmy, announced during his meeting with Manal Awad, Governor of Damietta.

Rahmy highlighted that MSMEDA has already injected more than LE 805 million into Damietta Governorate between 2014 and 2023, supporting around 30,000 small and micro projects. Out of these funds, the furniture industry alone received LE 244.6 million, benefiting 5,740 small and micro projects.

During the visit, Rahmy also witnessed the signing of a memorandum of understanding (MoU) between MSMEDA and Horus University. The objective of this agreement is to provide support to the university's young individuals and embrace their innovative ideas.

In November, MSMEDA recently allocated approximately LE 642 million from 2014 to 2023 to finance around 9,000 small and micro projects in the North and South Sinai governorates. This initiative has created approximately 20,000 job opportunities, as stated by Rahmy.

Furthermore, MSMEDA has signed a contract for a microfinance project with Erada Microfinance, involving investments worth LE 100 million. This project aims to provide financial support to micro-projects across all Egyptian governorates.