Projects provide nearly 30m job opportunities for daily workers nationwide, says Nevine Gamea
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The law also put in place flexible, new and updated mechanisms to facilitate the provision of financing for these projects and expand the provision of financial and non-financial incentives for the, as well as the development of simplified and flexible systems for permanent tax treatment.
In a seminar run by the Engineering Export Council of Egypt, entitled “Crisis Management, Challenges and Opportunities”, Gamea said the ministry is looking to ensure continuity of production and export processes.
The inspections are to take place to ensure compliance with the measures to ensure worker safety in factories and production continuity during this delicate stage.
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For his part, Hany Emad, head of the central sector for financing small projects in the MSMEDA, announced that the agency is fully prepared to provide additional funds and facilities for projects that need funding to deal with the effects of the crisis.
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Her remarks came on the second day of the Women Economic Forum (WEF), which is held from 4 to 9 March in Egypt. WEF takes place for the first time in Egypt and is held under the auspices of President Abdel Fattah Al Sisi. The forum is organised by the NCW in partnership with The Worx company.
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Both sides also discussed ways to enhance bilateral cooperation to increase Egyptian exports to the African market, as part of the Gosoor (Bridges) initiative, which aims to boost intra-trade between Egypt and other African countries. The initiative targets, in its first stage, 10 East African countries.
Gamea confirmed that the agency will continue to implement its strategy to support youth projects, and provide all aspects of financial, technical, and marketing support for these projects. She noted that the MSMEDA will continue to cooperate and coordinate with all ministries and state agencies involved in the small enterprise sector in order to advance this sector and expand its financing and participation in the country’s economy.
Gamea was chosen to be the first Secretary-General of the former Social Fund for Development in November 2016, which is the highest executive position in the Social Fund.
MSMEDA to provide necessary financing to owners of small industrial projects
Since its inception, agency has provided EGP 6.4bn worth grants to implement labour-intensive projects
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Total of 203,000 small, micro projects with EGP 2.2bn funding, providing 291,000 jobs
‘We are anticipating president’s approval on several deals of $200m with World Bank, €50m with AFD, €30m with KfW, €27m with EU,’ says Gamea
Agency offered about EGP 250m to finance infrastructure, social development, training projects that provided nearly 39,000 jobs
Women earned 49% of all projects funded, held 56% of total job opportunities says Gamea
Authority aims to finance small projects to limit irregular migration, support Egypt’s sustainable development strategy, says Gamea
Agency injected EGP 5.3bn into projects during 2017