Al-Ganzoury Tackled Means of Financing Small Projects

Prime Minister, Dr. Kamal Al-Ganzoury held meeting of the committee on small and micro seize enterprises, in attendance of Ministers of Planning and International Cooperation, Industry and Foreign Trade, Supply and Home Trade, as well as Secretary General of the Cabinet of Ministers, Head of the National Council for Youth, General Secretary of the Social Fund for Development, and Head of the General Authority for Investment and Free Zones.

The Minister of Industry stated that Dr. Al-Ganzoury directed for the necessity of finding urgent mechanisms to push the small and micro seize enterprises to contribute in the development movement, support economy over the current period, and provide jobs for youth. The meeting tackled means to finance small projects and provide required loans to establish small and medium projects, as Dr. Al-Ganzoury has previously provided EGP 200 million during last December in addition to USD 300 million already existed at the Social Fund for Development for this concern. The meeting tackled establishment of specialized center sponsored by the Industry Minister to unify small and micro seize projects, and providing all support means required to develop and improve them.

Dr.Al-Ganzoury approved establishment of a mega central institutional entity with capital EGP 3000 to EGP 15 million, and employees reach 5-7 million including all institutions and authorities dealing with the small and micro seize enterprises which reach 2566 authorities. This aimed at dealing with these industries with one unified vision based on planning of projects. Centers of Industry Modernization and Trade Development will be the pillar of such entity and will provide care and technical, administrative and financial support, and provide loans and grants as well.

General Secretary of SFD said that it was agreed on holding conference including all parties working in small and micro seize projects to discuss Egypt’s vision of these industries and set strategy and mechanism that would help enlarging their work, and achieve the aspired return. The conference will also discuss the required legislative amendment to activate such new entity, she added, noting that the loan provided by WB amounting to USD 300 million is about to be received, and there is another amounting to USD 200 million. The Fund will enforce a project in Qalubyia governorate issuing IDs for women, and targeting 2 million IDs over the coming three years.