Egypt's Ministry of Military Production signed a memorandum of understanding (MOU) on Tuesday with the country's Ministry of Trade to promote small and medium sized enterprises (SMEs) and encourage entrepreneurship, a statement from the military production ministry said.
The MOU, signed between the National Authority for Military Production and the trade ministry's Micro, Small, and Medium Enterprises Development Agency (MSMEDA), is designed to promote micro, small, and medium-sized projects in various fields, and to provide technical training and marketing support for entrepreneurs.
The two sides will work together to identify opportunities for small-sized projects and provide services, products, and equipment necessary for creating such projects, which include mobile sale outlets and food carts, according to the Minister of Military Production Mohamed El-Assar.
The minister explained that the move is part of the government's efforts to reduce joblessness while achieving greater productivity in the workforce.
Under the deal, MSMEDA will finance the projects either through direct funding or through other bodies working with the agency, MSMEDA CEO Nevine Gamea said.
Gamea added that the initiative will offer job opportunities and encourage entrepreneurship, especially for people aged between 21 and 50.