The Small and Medium Enterprises Committee in the House of Representatives, chaired by Representative Mohamed Kamal Marei, recommended during its meeting Monday to discuss the vision of the Egyptian Federation of Investors’ Associations and Institutions (Investors’ Association) to support the SMEs sector.
Egypt's law allows allocation of vacant lands in industrial and tourist areas for small and medium enterprises.
In this regard, the Medium, Small and Micro Enterprise Development Law No. 152 of 2020, included incentives and controls to legalize the status of informal economy projects.
The EBRD elaborated that the loan follows the success of the Green Economy Financing Facility (GEFF) in Egypt, and will support an expansion of green lending in Egypt to under-served regions for investments in climate change mitigation and adaptation technologies and services.
That is within the government's bid to expand the social safety network among irregular workers.
Gamea noted that those entities created 2.5 million jobs.
The GIZ stated, in a press statement, Monday, that it is implementing, in cooperation with the financial supervision, a strategy to improve banking supervision and regulation, in addition to financial stability and comprehensiveness.
As part of Egypt’s endeavors to encourage the integration of unofficial economy projects into the official economy, the law stipulates lawsuits against such businesses are halted once they obtain a temporary license.
Named "Daman" (guarantee), the new financing program is planned to be launched first in Qena governorate to support the national economy, said CGC managing director Naglaa Bahr on the sidelines of SMEs conference... Egypt Vision 2030, organized by the Union of Arab Banks in Luxor.
Addressing a conference on the future of small and medium-sized enterprises (SMEs), which is organized by the Union of Arab Banks (UAB) in the Upper Egyptian city of Luxor, Loqman said the CBE is seeking to equally offer financial services to the majority of citizens across Egypt.
He made the remarks in a speech delivered on his behalf by CBE Deputy Governor Gamal Negm at a conference organized by the Arab Banks Union.
Cairo has shown an early interest in supporting this sector, Etreby acknowledged, noting that this started even before the coronavirus pandemic.
The Credit Guarantee Company (CGC) has been directed to cover financing operations carried out by the banks for the sake of the SME sector, Negm told the conference.
The premier made the remarks during a meeting held on Wednesday with Trade and Industry Minister Nevine Gamea to follow up the status of implementation of the industrial complexes nationwide in the presence of Head of the Industrial Development Authority (IDA) Mohamed Al Zallat.
Upper Egyptian governorates, from the North to the South, are Fayoum, Beni Suef, Menya, Asyut, Sohag, Qena, Luxor, and Aswan.
Egypt has nearly 200 years of experience in the field of implementing small and medium sized enterprises (SMEs), said Executive Director of the International Monetary Fund (IMF) Mahmoud Mohieddine.
The report describes resilience factors, types of responses, and trends of the future.
The decision provides for facilitating some of the regulatory requirements for small and medium-sized companies related to their classification as defaulting clients, in light of the fact that they are the most affected by the repercussions of the Corona virus crisis, which is still ongoing.
Purchases by foreign investment funds and Egyptian individuals forced all indexes of the Egyptian Exchange to decline at the closing of Monday transactions.
The committee is eyeing bigger contribution by SMEs to the national economy in order to reach 80 to 90 percent as in some major countries, Shafie said, noting that in Egypt it only stands at 20 percent.