The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) is launching an electronic platform to serve micro and small enterprises in the beginning of 2019, according to Nevin Gamea, CEO of MSMEDA.
She explained that this platform is in cooperation with most of the development partners involved in this sector, in order to present the various financing, training, technical and marketing services provided by these entities to small and micro enterprises to promote this important economic development sector.
Gamea’s remarks came during her participation in the session on entrepreneurship, and the role of small entrepreneurs in the development of the global economy during the World Youth Forum.
The main problem faced by youth in the past was the difficulty in procedures for obtaining licenses and permits, adding that the state facilitated these procedures and decreased their costs through several concerned ministries and institutions, MSMEDA’s CEO indicated.
Gamea added that MSMEDA has provided many facilities to improve both the registration experience and company establishment steps throughout its outlets across Egypt, which includes one-stop shops which grant all paper works such as commercial and tax registers from one place.
Furthermore, The CEO stated that a new law on small projects is under way, which includes solutions to all the problems facing the sector, starting with definitions and the availability of funding, and the establishment of tax packages and non-tax incentives, which will stimulate their merger with the official sector.
On MSMEDA’s contribution towards economic opportunities for youth and economic growth of the country, Gamea stressed that the MSMEDA provides youth with a full range of financial and non-financial services, starting with choosing the idea of the project, offering training courses on how to launch and develop the project, marketing services and internal and external exhibitions, as well as feasibility studies models for some projects of different types.
MSMEDA also offers a variety of financing services through various channels, which include direct lending, investment and venture capital, as well as intermediaries financing.
Previously, Gamea stressed, MSMEDA announced the launch of Moftah Mashro’ak (Key to you Project) competition to support entrepreneurs, in cooperation with the Ministry of Youth and Sports, from 30 October 2018 for one month.
The terms and conditions of the competition can be found on MSMEDA’s website, on the Small Projects Platform, or on the website of the Ministry of Youth and Sports.
According to MSMEDA, applicants should apply on http://www.msmeda.org.eg/registerationform.aspx
This competition aims to select the best youth projects, support entrepreneurs, encourage them to establish small projects in any field, whether industrial, service, commercial, as well as innovative ideas.
MSMEDA will provide the necessary training, consulting, and business advice to the contestants. It will also contribute EGP 100,000 in funds to the top three projects in each governorate, totalling 81 projects throughout the country.
The Ministry of Youth and Sports will provide locations for these projects within its youth centres, which the youth will select from the list of youth centres set by the ministry.