Cairo: Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) CEO Basil Rahmy announced the launch of a new financing program in collaboration with the United Nations Industrial Development Organization (UNIDO). This initiative aims to support companies in Egypt that operate within the solar energy sector. The announcement was made on Saturday, February 11, 2024.

According to State Information Service Egypt, the program is part of MSMEDA’s strategy to promote investment in renewable energy and enhance the role of the private sector in achieving sustainable development goals. The initiative is designed to provide clean energy products at competitive prices to agricultural, industrial, and productive projects that rely on solar energy, thus making these projects more environmentally friendly and reducing thermal emissions.

The partnership with UNIDO aligns with MSMEDA’s mission to leverage international expertise in renewable energy sectors. Rahmy emphasized that UNIDO will offer technical a
nd technological support to the program, which includes capacity building and the development of policies related to solar energy.

The program offers a comprehensive package of financing, training, and consulting for companies in the clean energy field. MSMEDA plans to provide financial backing to companies involved in the supply, installation, operation, and maintenance of solar panels. The financing limit is set at a maximum of EGP 30 million for small projects and EGP 60 million for medium-sized projects.