Egypt’s Micro, Small, and Medium Enterprises Development Authority has signed two contracts, worth EGP100 million ($5.66 million), along with the Suez Canal Bank, to finance small existing and new enterprises, said a report.

The contracts were signed by Niven Gamea, CEO, Micro, Small, and Medium Enterprises Development Authority, and Hussein El Refaie, Chairperson and Managing Director of the Suez Canal Bank, added the Daily News Egypt report.

Gemea said that the signing of these contracts comes in line with the policy of the state and within the framework of the strategy of the authority, which aims to expand the deal with various stakeholders involved in supporting the small enterprises sector.

She added that there is a tendency by the Minister of Trade and Industry, who is the head of the authority, is to support and develop small enterprises, thus contributing to providing more job opportunities and improving the standard of living.

Gamea explained that the two contracts are allocated to secure various types of financing needs for small enterprises operating in all sectors of economic activity.

The first contract is worth EGP50 million ($2.832 million) is set to finance the purchase of new and used machinery as well as the financing of construction and buildings and equipment for small projects.

The second contract is also worth EGP50 million ($2.832 million) is provided to fund the current expenses of the activity under the current debt limit system, added the report.