MoU signed to train Egyptian youth on establishing projects

CAIRO – 31 March 2018: The Micro, Small, and Medium Enterprise Development Authority (MSMEDA) and the Ministry of Manpower signed a memorandum of understanding (MoU) to prepare the youth on setting up small- and medium-sized enterprises (SMEs) and train workers to work in these projects.

The signing was attended by Prime Minister Sherif Ismail and Trade Minister Tarek Kabil, who said that the agreement comes in light of the ministry’s keenness to develop SMEs and integrate them into the economy.

He said that developing SMEs is a top priority for the ministry to enhance trade and industry by 2020 as the sector represents 80 percent of Egypt’s economy.

Kabil said that the agreement will last for two years and aims to draw up evaluation mechanisms to ensure the implementation of the agreement and follow up on executing its targets.

Head of MSMEDA Nevine Game’ said that the authority will help in executing training programs, especially entrepreneurship programs, and will offer a bundle of incentives to trainees to encourage them establish their small projects.

She added that MSMEDA will work with the Ministry of Manpower to prepare students in technical schools to establish their projects or find the suitable job.

The targeted segments for this agreement are those who are interested in setting up a micro, small or medium projects, Game’ said.

Egypt has been working on developing SMEs and has launched several initiatives and incentives to encourage them.

Last week, MSMEDA and the National Bank of Egypt (NBE) signed a LE 400 million contract that will be used to lend new small-sized projects in all governorates.

The contract includes productive and commercial projects in all economic sectors, with a maximum of LE 5 million for projects working in the fields of industry, renewable energy, animal and fish resources and Agriculture processing, in addition to franchise projects. Other fields could have financing up to LE 2 million.