Trade min.: MSMEDA financed 44,000 projects worth LE 960M

CAIRO - 30 April 2020: Trade and Industry Minister Neveen Gamea has said that the Micro, Small & Medium Enterprise Development Agency (MSMEDA) financed around 44,000 projects, at a total value of LE 960 million, during the first quarter of the current fiscal year.

These projects secured around 66,000 job opportunities for young people across the nation, Gamea added in a statement released by the agency on Sunday.

She went on to say that the MSMEDA also provided LE 30 million to execute community and human development projects to develop the basic infrastructure and create the appropriate environment to expand in the establishment of small projects.

Gamea noted that the MSMEDA organized 44 internal and external exhibitions during the same period, where more than 1,000 projects were displayed. These projects posted gains exceeding more than LE 15 million.

She asserted that the state gives a top priority to the entrepreneurship sector, citing the recent ratification of a law on the development of micro, small, medium-sized enterprises, despite the economic disruption caused by the global outbreak of the novel coronavirus (COVID-19) pandemic.

The minister explained that a stimulating mechanism has been developed to reconcile the conditions of projects operating in the informal economy to transfer them into the formal sector.

She revealed that this mechanism will provide a set of financial and non-financial incentives to promote these projects and help them increase their production and export activities.