FINANCIAL NEWS

Egypt’s agricultural SMEs receive USD24m in funding

07 Dec 2015

(MENAFN) A grant pact valued at USD24 million was signed to apply the European Union-funded project to support the Egyptian agricultural small and medium-sized enterprises (SME), based on recent reports.

More than 400 agricultural SMEs are estimated to profit from the project, let alone it will generate 20,000 direct and indirect jobs, plus it’s projected to reach more than 16,000 beneficiaries over seven years.

Basically, the promising project’s main target is to increase and boost the income of agricultural stakeholders through facilitating access to credit and integrating the benefits of the agricultural division.

The Egyptian Ministry of Agriculture with the EU, alongside the Commercial International Bank and the Credit Guarantee Company will be deeply involved in the credit line and the guarantee scheme execution.

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