Secretary General of the Social Fund for Development (SFD), Soha Soliman, has revealed that there is a new initiative to merge the informal and formal economies.
Soliman outlined that the initiative includes offering incentives to owners of informal projects, such as offering them different tax methods from those provided to owners of major projects.
“The fund aims to achieve financial inclusion, because of its important role in achieving economic development and increasing gross domestic product (GDP), as well as improving income levels and reducing poverty,” said Soliman.
She stressed that small- and medium-sized enterprises (SMEs) play an important role in achieving economic development, whilst also increasing GDP and exports.
Soliman added that the SFD has provided funds worth almost EGP 120m to business incubators with support from the World Bank, in order to contribute to the development of new projects.