Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) CEO Basil Rahmy on Saturday 2/11/2024 announced launching a new financing program - in cooperation with the United Nations Industrial Development Organization (UNIDO) - aimed at supporting companies operating in the solar energy sector in Egypt.

Rahmy, in a statement issued by MSMEDA, said that the program falls within the framework of the authority's keenness to encourage investment in renewable energy and enhance the private sector's role in achieving sustainable development goals.

The program also aims to provide clean energy products at competitive prices for agricultural, industrial and productive projects relying on solar energy as a primary source, making these projects environment-friendly and contributing to reducing thermal emissions.

The partnership with UNIDO comes in line with MSMEDA's keenness to capitalize on international expertise in the field of renewable energy, Rahmy said.

He added that the UNIDO will provide technical and technological support to the program along with contributing to capacity building and the development of policies related to solar energy.

The program is meant to provide a comprehensive package of financing, training, and consulting for companies operating in the clean energy domain, the head of MSMEDA added.

Under the program, MSMEDA will provide financial support to companies operating in the supply, installation, operation and maintenance of solar panels, with a maximum financing limit of EGP 30 million for small projects and EGP 60 million for medium-sized projects, Rahmy noted.

MENA