The Micro, Small and Medium Enterprises Development Agency (MSMEDA) and the Agricultural Bank of Egypt (ABE) have signed a new financing contract worth EGP 60m, within the framework of the Egyptian Family Development Initiative “Bab Rizq”, funded by the French Development Agency’s (AFD) “Supporting Women to Finance Micro Enterprises” initiative. Hala El-Said, Minister of Planning and Economic Development, said that the Egyptian Family Development Initiative aims primarily to improve population and control its growth rates, in order to help the Egyptian society benefit from the fruits of development. Alaa Farouk, Chairperson of the Agricultural Bank of Egypt, affirmed the bank’s keenness on directing all efforts to achieve rural development, in implementation of the directives of President Abdel Fattah Al-Sisi and the goals of the presidential initiative “Decent Life”. It was launched by ABE be a financing source for rural women and breadwinners in rural villages. Bab Rizq has so far succeeded in providing financing to about 44,521 customers in all governorates, at a value of more than EGP 463.8m.
