The Small and Medium Enterprise Development Authority, previously known as the Social Fund for Development, has signed six new contracts to support microenterprises with a number of NGOs in the governorates of Cairo, Minya, Qena, Menoufia and Sohag. The funds were secured from the French Development Agency, Khalifa Fund for Enterprise Development, and the Small-Scale Enterprise Development in Rural Areas financed by the International Fund for Agricultural Development (IFAD). She stressed that the authority is expanding grant micro loans through verified NGOs across the republic. She explained that the total number of small projects financed by the authority amounted to EGP 957.9m for 5,263 projects and created 21,588 jobs. Gamea added that the authority injected EGP 591.1m to finance 68,898 micro enterprises that created 71,303 jobs.

Source: Daily News Egypt June 11, 2017 09:33 UTC