The cabinet approved a draft resolution submitted by Minister of Trade and Industry Tarek Kabil on Thursday for the establishment of a Small- and Medium-sized Enterprises (SMEs) Development Authority, which will oversee a number of government agencies concerned with SMEs activities, the minister announced.
The minister said that the board of directors of the authority will be chaired by himself, with members including experts and related officials. He noted that a board of trustees will also be formed and headed by prime minister.
The formation of the authority aims to eliminate the existing entanglements in the work of government bodies, in order to eventually lead to the advancement of SMEs.
The authority will study and examine the policies, strategic plans and legislation related to financing and entrepreneurship. It will also provide non-financial services. This would that the Social Fund for Development is restructured, which is a key focus of the work of the new authority without prejudice to the status of workers.