MSMEs
In a Monday statement, the CBE shared that First Deputy Governor of the CBE Mai Abu El-Naga was presented with a shield of honor by the federation in appreciation of the central bank’s efforts and support to Egypt’s MSMEs
On the sidelines of the summit, ElZaher met with a group from the TIEC Innovation Ambassador (TIEC-IA) program. ITIDA’s CEO praised their efforts and stressed the importance of the role they play in realizing ITIDA’s goal of spreading the culture of entrepreneurship and innovation
The EBRD elaborated that the provided loan will contribute to the expansion of Banque Misr's activities beyond the Greater Cairo region and help increase the availability of medium-term funding for underserved Egyptian MSMEs.
Abdel Kader pointed out that this comes within the framework of cooperation between the Ministry of Finance and the Authority with the MSMEDA to facilitate the owners of medium, small and micro enterprises to register at the tax authority.
Gamea added Egypt has taken wide strides on economic reform and institutional development and this has contributed to promoting the status of the economy.
Omran added, during a press conference held, Monday, that the value of financing balances for medium, small and micro enterprises amounted to LE 26.8 billion at the end of 2021, compared to LE 19.3 billion at the end of 2020, with a growth rate of 38.9 percent.
The MoU is aimed at developing MSMEs, through exchanging experience and holding training courses and exhibitions, in addition to exploring opportunities for achieving trade integration between Cairo and Amman.
EBRD clarified in a statement that the financing package is for trade financing and on-lending to local micro-, small and medium-sized companies (MSMEs).
The Central Bank of Egypt (CBE) launched Saturday an initiative to cancel all fees that private sector’s MSMEs bear to activate the electronic collection services via the internet (E-Commerce) till the end of June 2021.
The tax, under the new law, will be a simplified one that doesn’t require records, documents or purchase invoices.
Gamea clarified in a statement, Sunday, that these projects provided 195,000 job opportunities.
As per financial services, women participation in the one-window services represented 29 percent of the total services, including issuing licenses, identification cards, tax statements and social insurance.
The official statistics agency added that the MSMEs produced a total output recording LE 1.237 trillion and achieved a total added value of LE 804 billion.
The agreement aims to boost the entrepreneurial culture in both states.
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