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SMEDA financed 48,000 projects in Alexandria worth EGP 1.2bn - Daily News Egypt

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SMEDA financed 48,000 projects in Alexandria worth EGP 1.2bn

Authority offered grants of EGP 131.7m to implement labour-intensive infrastructure projects

The Small and Medium Enterprises Development Authority (SMEDA) financed about 48,000 micro and small projects in Alexandria from 1992 until the end of 2017, with total funds of EGP 1.2bn, securing more than 100,000 jobs, according to Nevine Gamea, CEO of the SMEDA.

The authority also offered grants worth EGP 131.7m to implement labour-intensive infrastructure projects as well as community and human development projects in Alexandria, providing about 17,000 permanent and temporary jobs.

According to Gamea, the SMEDA financed about 8,000 micro and small projects worth about EGP 195m in Alexandria during 2017, providing more than 13,000 jobs. It also offered grants of about EGP 4m to finance community development projects, creating about 126,000 jobs.

During her participation in the Alexandria Youth Forum held recently at Bibliotheca Alexandrina, Gamea said that the SMEDA is always keen to overcome all difficulties and problems facing young people to implement their projects.

She pointed out that the SMEDA’s strategy in the next phase is based on the expansion and diversification of its financing fields to support the micro and small enterprises sector.

The authority provides many financial and non-financial facilities which contribute to providing employment opportunities for youth and encouraging them to launch their own business, Gamea added.

“The culture of entrepreneurship is one of the pillars of the SMEDA’s strategy which comes in line with the state plan to create a suitable environment that stimulates innovation and development,” she said.

The Canadian Embassy in Cairo had recently honoured Gamea for her development efforts as the CEO of the SMEDA, which is responsible for the development of the micro, small, and medium enterprises (MSMEs) sector and coordination between various governmental, civil, and international bodies to promote this sector. Gamea is also a member of many institutions that operate in this sector, such as Reefy – Micro Finance Enterprise Services Company and AYADY for Investment and Development.

According to Gamea, the Canadian government is one of the most important development partners in many of the SMEDA’s financing programmes as well as in rehabilitation and training of entrepreneurs in Egypt.

Topics: SMEDA

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