Micro, Small, and Medium Enterprise Development Agency (MSMEDA) is keen to enhance means of cooperation with the major international financing bodies concerned with development activities and to contribute to the State's plans on reinforcing renewable energy projects and encourage entrepreneurs to apply environment-friendly mechanisms.
Within this framework, CEO of MSMEDA Bassel Rahmy, and Director for North Africa at KfW Development Bank Daniela Beckmann signed an agreement, under which EUR 12 million are provided to MSMEDA. This agreement aims to channel financial and technical support to the microenterprises that positively impact climate in energy efficiency and renewable energy.
Rahmy stressed that this new funding aligns with MSMEDA’s plan to contribute to the State's efforts to reduce pollution, expand the use of clean energy, provide the necessary financial resources to encourage project owners to use optimal alternatives to traditional polluting energy and adhere to global environmental standards and controls.
Furthermore, Rahmy added that the KfW is one of the major donors that supports MSMEDA's activities on micro and small enterprise development (MSE). He also commended the efforts of the Ministry of International Cooperation and its continuous support for coordination with various donors and international bodies to provide all possible support to promote the MSE’s contribution to supporting the national economy.
This bilateral cooperation marks a quantum leap in the current phase to support micro-enterprises that positively impact the climate and help entrepreneurs to have facilitated access to diversified financial and technical services, Rahmy confirmed.
For her part, Beckmann expressed her appreciation for MSMEDA and her aspiration to boost joint future cooperation, which contributes to supporting the private sector, small and micro enterprises, enhancing the use of these projects in renewable energy and raising their production capacities, taking into account the conditions of preserving the environment.
Source: State Information Service Egypt