Egypt-LE40B disbursed to 1.6M MSMEs in Egypt since 2014

  • 28 June 2022 / News / 412 / Fares RAHAHLIA

Egypt-LE40B disbursed to 1.6M MSMEs in Egypt since 2014

Minister of Trade and Industry Nevine Gamea stated Sunday that since 2014 a total of LE40 billion have been disbursed to 1.6 million businesses through the Micro, Small, and Medium Enterprises Development Agency (MSMEDA).


Gamea noted that those entities created 2.5 million jobs, and were issued 216 final and temporary licenses, 57,000 taxation certificates, and 56,000 incentive certificates. In addition, the funding programs included the training of 51,000 beneficiaries.  


Further, 19,000 of those competed to win governmental tenders worth more than LE1 billion. What's more, the value of sales of those enterprises founded since 2014, at 1,000 fairs organized by the MSMEDA, amounted to LE500 million.  


As for financing offered through Decent Life initiative since its launching in 2021, the minister clarified that over 50,000 enterprises have acquired funds worth LE1.46 billion, creating 98,000 jobs.


The Ministry of Social Solidarity indicated in April that it had funded 320,000 micro businesses owned by women with LE2.6 billion in the form of grants that are not paid back.


Further, the Egyptian municipal authorities provided loans worth LE2.2 billion to 12,4000 micro businesses in FY2021/2022, creating 123,000 job opportunities.


That is through a programme dubbed "Mashrouak" (Your Project), which has funded until present, 190,000 micro businesses at LE22.6 billion securing employment for 1.4 million individuals.


A press statement, issued by the Ministry of Local Development earlier in April, indicated the top five governorates that received funds through the programme.


Menya comes first with 22,000 businesses at LE2.6 billion, offering 137,000 jobs. It is followed by Sohag with 21,000 businesses at LE2.6 billion, offering 124,000 jobs. Then comes Beheira with 19,000 businesses at LE1.6 billion, offering 93,000 jobs. Daqahliyah comes next with 17,000 businesses at LE1.8 billion, offering 93,000 jobs. Finally comes Sharqia with 16,000 businesses at LE2,4 billion, offering 121,000 jobs.


The statement pointed out that the introduction of Mashrouak programme in governorates is taking place in tandem with the implementation of Decent Life initiative, which targets 4,600 villages located at 20 governorates.


The ones belonging to Upper Egypt are Fayoum, Beni Suef, Menya, Sohag, Asyut, Qena, Luxor, Aswan, and New Valley; while those of Delta are Giza, Qalyoubeya, Damietta, Beheira, Daqahliyah, Menoufeya, Gharbia, Sharqia, Kafr El Sheikh, Alexandria, and Ismailiyah.


The ministry also noted that municipal authorities are doing their best to facilitate the issuance of licenses for handicraft complexes, and shops. The ministry added that citizens at those villages also get temporary jobs at the construction works carried out to introduce different utilities and facilities. That is through a programme called "Your Work Is At Your Village." Further, rural villages are being modernized to create better work conditions.  

source: egypt today

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