EGP 400m allocated for implementation of SME strategy: minister of industry

Abdel Razek Al-Shuwekhi
1 Min Read
Minister of Trade and Industry Tarek Qabil announced Tuesday that the automotive industry strategy is near completion, and a supreme council will be formed for the development of the industry.

EGP 400m has been allocated to implement the small and medium-sized enterprises (SME) strategy, according to Minister of Industry and Foreign Trade Tarek Qabil.

At the Egyptian National Competitiveness Council (ENCC), Qabil said the SMEs account represents about 8% of the total GDP in Egypt, which the state is working to increase.

According Qabil, the SME Caretaker Act that will facilitate granting credit to SMEs will be presented to the cabinet after finishing its discussion with the Central Bank of Egypt (CBE) and the Ministry of Finance.

The ministry is working on allocating 10m sqm of land to industrial developers in different governorates in Upper Egypt and the Nile Delta.

There are 2.5m SMEs in Egypt, representing 75% of the total labour force, Qabil said.

According to the minister, SMEs face financial constraints represented in the inability to obtain financing, next to technical obstacles such as the ability to develop, as well as legislation and marketing problems.


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