Egypt's Minister of Trade and Industry Nevine Gamea
Egypt provided EGP 32.3 billion in finance for small and micro-sized enterprises over the past seven years, EGP 17.7 billion of which for the small projects and EGP 14.7 billion for the micro-sized ones, a report issued by the Ministry of Trade and Industry said on Sunday.
The report, titled “Seven years of Stability and Development”, showed that these projects have created 2.1 million job opportunities for young people across the country.
From 1 July 2014 through 31 May 2021, Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA) organized 878 exhibitions with total sells and deals reaching EGP 360 million.
The report said that the World Bank has financed projects in 20 governorates with $200 million, and the European Union (EU) with €70 million in 20 governorates, with a special focus on Upper Egypt.
It added that the MSMEDA extended finances with a total of EGP 9.7 billion for the women who run small and micro-sized projects over the past seven years, which created 741,182 job opportunities nationwide.
The MSMEDA provided EGP 253.6 million for 10,995 projects in 20 governorates under the presidential initiative “Descent Life”, the report said. These projects have created 17,237 job opportunities.
During the same period, the MSMEDA adopted the implementation of another presidential initiative to convert old vehicles to be natural gas run, extending loans with the aim to convert 150,000 cars from 2021 through 2023.
So far, the MEMEDA participated in converting 43,837 cars with total finances EGP 274.5 million, the report pointed out.