The Micro, Small and Medium Enterprise Development Agency (MSMEDA) has signed a EGP 300 million financing agreement with Reefy Microfinance Enterprise Services to support micro enterprises across Egypt. The deal aims to boost job opportunities and financial inclusion through Reefy's extensive branch network. Officials from both entities emphasized their commitment to aiding youth and women in rural areas.
The Micro, Small and Medium Enterprise Development Agency (MSMEDA) has signed a EGP 300 million financing agreement with Reefy Microfinance Enterprise Services to bolster micro enterprises throughout Egypt. The pact was inked by Mohamed Medhat, MSMEDA's Deputy CEO, and Ahmed Labib, Reefy's Managing Director and CEO, with Basel Rahmy, MSMEDA's CEO, in attendance.
Rahmy explained that the agency is broadening financing for micro projects due to their crucial role in generating jobs across productive, agricultural, and service sectors. He highlighted MSMEDA's eagerness to partner with expert microfinance institutions like Reefy, which operates 220 branches nationwide, enabling outreach to target groups in all governorates, villages, and hamlets. "This approach has helped increase the number of funded projects," Rahmy stated.
Rahmy underscored MSMEDA's dedication to fulfilling the state's directives and those of Prime Minister Mostafa Madbouly, the agency's board chairperson, to expand micro project funding, especially for youth. The collaboration with Reefy will direct funds to help citizens and young people start new ventures or grow existing ones, thereby raising living standards for owners and employees. Individual project financing can reach EGP 266,000, with the agreement set to support about 3,000 micro projects across various governorates.
Ahmed Labib noted that the deal supports the government's push for financial inclusion by incorporating vulnerable groups into the formal financial system, fostering sustainable economic growth. Reefy is extending financial services to villages, rural areas, and Upper Egypt, prioritizing women and youth to empower micro enterprises and amplify their role in the national economy.