Egypt to get €3M grant from Germany to support SMEs

CAIRO, 26 April 2021: An Egyptian-German partnership project to create jobs and support SMEs will offer grants to non-profit entities and partners in the public sector to remove investment obstacles, International Cooperation Minister Rania Al-Mashat said.

The project also seeks to stimulate investment and growth opportunities for Egyptian, African and European companies and create high-quality jobs by boosting investments and increasing sales, Mashat added in a statement released by her ministry on Sunday.

She added that the project serves sustainable development goals: "the eighth goal, decent work and economic growth, and the ninth goal, industry, innovation and infrastructure.

The House of Representatives approved, in its plenary session, Presidential Decree No. 109/2021 regarding approval of exchanged letters between Egypt and Germany regarding a partnership project to create jobs and support SMEs in Egypt, which will benefit the Ministry of Trade and Industry.

In light of the ministry's commitment to support SMEs and create better jobs to deal with the economic fallout from the coronavirus pandemic, coordination has been made with the German side to obtain a grant of €3 million to finance the project.