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Prime Minister Kamal al-Ganzouri decided to set up a big institutional entity grouping all bodies dealing with small and medium-sized projects. This decision came after five continuous meetings in order to eliminate the problems facing small-sized projects and unite the bodies that deal with it. After the meeting, Trade and Industry Minister Mahmoud Eissa said that the aim is to have a unified vision while dealing with these projects in a bid to promote Egyptian economy. The corner stone of this entity will be the Industrial Modernization Centre and Trade Promotion Centre, he said. "We thought of this entity after many previous endeavors to upgrade small and medium scale projects but they all failed because they have to deal with many bodies," he said.
He added that the new entity will offer technical, financial and administrative assistance to small and medium-sized projects with capital from LE 3,000 till 15 million. In the mean time, Secretary General of the Social Fund for Development Ghada Wali said she agreed with Eissa to hold a conference representing all bodies with small and medium- sized projects to lay down a unified strategy for these industries.
Wali added that the conference will also discuss needed legislative amendments to activate the new entity. On the other hand, Secretary General of the Social Fund for Development Ghada Wali said that there is a loan of $ 200 million available now and will be announced soon for youth projects.
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