Cairo – Mubasher: The Micro, Small, and Medium Enterprise Development Agency (MSME) has funded industrial projects with more than EGP 1.9 billion since 2014.
Most of the funded projects achieved great success in local markets, and many of them are exporting to global markets, Egypt's trade and industry minister Neven Gamee said in a statement on Wednesday.
Gamee added that MSME funded these projects with interest rates as low as 5%.
She stated that the maximum value of direct loans granted to new industrial projects was recently increased to EGP 10 million from EGP 5 million.
The Egyptian minister further remarked that the agency is currently cooperating with the Industrial Development Authority (IDA) to establish 4,500 factories to encourage local manufacturing by providing different finance products with competitive rates to meet the needs of small businesses.
