Niveen Gamea, CEO of the Micro, Small and Medium Enterprise (MSME) Development Authority, called upon innovators of industrial inventions that can be implemented as projects to benefit from the expertise and capabilities of the authority and to benefit from its financial and non-financial services provided to SMEs.
Gamea stressed that the Authority pays special attention to the financing of industrial projects and provides all kinds of financial, technical, and training support for these projects, especially the innovative youth projects that can be implemented on the ground and that are based on sound feasibility studies that can bring back profits.
She advised Egyptian young inventors to exploit their scientific and creative genius in planning projects and offering required products in the Egyptian and international markets in order to have a suitable financial return that will allow it to be implemented.
A number of the leaders of the authority held a meeting with a group of young graduates of the Faculty of Engineering whom have prepared innovative scientific research to recycle tires to extract fuels and oils suitable for various industrial purposes and succeeded in making a miniature model of machines, which qualifies this research to become a profitable production project.
The youth asked the leaders of the authority to help them turn this idea into an industrial project, exploiting the tires and turning them into a useful industrial product.
According to a statement from the authority, it will assist the team of inventors in the implementation of a feasibility study of the project, to understand the economics of the project and its requirements of machinery, equipment, materials for the start of manufacturing, the quality and qauntity of fuel and oil extracted, and the price of their counterparts in the market, as well as the need of the Egyptian market for this type of oil. In case the feasibility study proves success, the authority will fund the project.