The main target of the Local Development Fund is to finance several projects to support the households and women in increasing their incomes, Shaarawi said.
The project aims to qualify Egyptian Engineering companies to export by technology transfer, innovation or product adaptation so that they can better compete in European markets.
Efforts should be exerted to create jobs for youth and reduce poverty, the experts said, praising initiatives of the Central Bank of Egypt (CBE) to support such projects.
Minister of Public Business Sector Hesham Tawfik, witnessed the launch of the "Digital Future" initiative by the General Federation of Chambers of Commerce.
On SMEs, the cabinet approved a $95 million financial agreement, signed on June 2, 2020 between the Egyptian government and the OPEC Fund for International Development, aimed at supporting the third phase of a project aiming at developing SMEs.
The meetings also tackle the different investment opportunities in each governorate so that youth could benefit from them, she added.
The move is meant to help these businesses survive and achieve growth, through decreasing the borrowing cost on them.
Banque Misr and The Information Technology Industry Development Agency (ITIDA) signed Friday a cooperation protocol to ease financing of small and medium-sized enterprises (SMEs) in the information and communications technology (ICT) sector.
Al-Mashat noted that this loan is to address the economic impact of the coronavirus pandemic.
NilePreneurs initiative CEO Heba Labib said the digital transformation for SMEs is a world tendency imposed by current conditions of coronavirus pandemic.
The program seeks to increase regional and global market reach via e-commerce by helping companies improve their products in terms of design and quality and develop new products suited to the needs of overseas markets, Farouk noted.
The draft law included the exemption from documentation and a month fees for founding companies, establishments, credit facilities and mortgage contracts related to its business.
The duration can be prolonged, if needed.
Also, the number of beneficiaries grew by 11.8 percent.
President Abdel Fatah al-Sisi, who currently chairs the African Union (AU), and UK Prime Minister Boris Johnson inaugurated on Monday the UK-Africa Investment Summit 2020 in London.
Board member of the Micro, Small, and Medium Enterprise Development Authority emphasized the importance of issuing a law to enhance the sector's contribution.
This year, Akeyewaleis is preparing to participate in the third edition of the forum set to kick off on Dec.14 in Sharm el-Sheikh.
The bill includes a simplified tax system for SMEs.
The bank is working to reach LE 100 billion by the end of 2020 to finance and prepare feasibility studies and technical studies for the sector of small and medium enterprises.
Salah clarified that small and medium enterprises allocated around LE 46 billion out of the total funds.