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MSME injects EGP 4.8bn into projects in 2017 - Daily News Egypt

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MSME injects EGP 4.8bn into projects in 2017

MSME financed 224,000 small, micro projects worth EGP 4.5bn, along with labour-intensive infrastructure, community services projects, says Gamea

Egypt’s Micro, Small, and Medium Enterprise Development Authority (MSME), previously known as the Social Fund for Development, has injected EGP 4.8bn in various projects with high economic and social return in 2017, an increase of 25% compared to 2016, according to CEO of MSME, Nevine Gamea.

Gamea said that the authority has injected about EGP 4.5bn to finance 224,000 small and micro projects, providing about 305,000 job opportunities. In addition, the MSME injected EGP 321m to finance labour-intensive infrastructure and community services projects, providing about 33,000 job opportunities. The authority also offered training for about 27,000 youth in different sectors.

Gamea affirmed MSME’s interest in developing the industrial sector and all production projects. In 2017, the existing small industrial projects were granted more funds by 11%, while financing for new projects increased by 40% compared to 2016.

In 2017, the authority increased the funds directed to Upper Egypt by 41% compared to 2016, which came in the framework of the government’s efforts to develop villages and towns of Upper Egypt and increase citizens’ standards of living, according to Gamea.

She said that the authority offered many new financing packages in 2017, covering all activities of small and micro enterprises, including finance leasing, clinics, rice straw and agricultural waste projects, and coal mines. MSME also provided medium-term loans to finance the purchase of machinery and equipment, expansion of livestock projects, and renewable power generation plants.

According to Gamea, the authority launched its first specialised financing programme, “Venture Capital”, to finance innovative projects, in cooperation with the World Bank.

Gamea emphasised the importance of providing integrated packages of training, marketing, and technical consultancy to support small and micro entrepreneurs in developing their products, improving quality, increasing sales, expanding businesses, and providing trained labour.

Topics: MSME Projects

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