The funding will be used to finance over a hundred furniture projects, with each project expected to receive an average of LE 400,000 based on its specific requirements. The CEO of MSMEDA, Bassel Rahmy, made this announcement during a meeting with the Governor of Damietta, Manal Awad.
Rahmy emphasized that MSMEDA has already injected over LE 805 million into Damietta Governorate between 2014 and 2023, supporting around 30,000 small and micro projects. The furniture industry in Damietta alone received LE 244.6 million, benefiting 5,740 small and micro projects.
During the meeting, an agreement was signed between MSMEDA and Horus University to provide support to young individuals at the university and embrace their innovative ideas.
MSMEDA has also allocated funds for small and micro projects in other governorates, including North and South Sinai, creating job opportunities in the process. Additionally, MSMEDA has entered into a microfinance project with Erada Microfinance, involving investments worth LE 100 million to provide financial support to micro-projects across Egypt.
