SMEDA pumped EGP 323.4m into development projects in Suez

Hossam Mounir
2 Min Read

The Small and Medium Enterprises Development Authority (SMEDA) pumped EGP 323.4m into development projects in Suez, since it was established in 1992 through the end of February 2018, according to its General Director Nevine Gamea.

Gamea explained that the agency injected EGP 276.5m to finance 11,273 micro and small projects in the governorate and created 27,700 jobs, in addition to EGP 46.9m to finance infrastructural and community projects that created 4,500 jobs.

Gamea participated, with Suez Governor Ahmed Hamed, in the opening ceremony of “Forsetak Bein Edeik” (Your Chance is in Your Hands) conference that was recently held in Suez.

During the conference, Gamea stressed the agency’s interest in contributing to state plans to develop the canal governorates, including Suez, and expand in funding youth projects and providing them all required facilities to establish their projects and manage them well.

During the conference, they discussed ways to facilitate the establishment of projects and their financing, to know the problems they face and how to overcome them, in addition to presenting all the financial and non-financial services provided by the SMEDA to support small and microenterprises in order to encourage young people toward entrepreneurship.

They also presented some success stories of distinguished projects funded by the authority in the Suez governorate. The owners of these projects presented their successful experiences to the youth, discussed them, and explained the facilitations and services provided by the SMEDA in financing and setting up their projects.

Gamea’s visit to Suez came as part of a series of visits she has conducted to governorates of Egypt to activate joint ventures with governors and improve the micro and small enterprise sector, as well as open new means of communication between the SMEDA and the different governorates to serve citizens, eliminate unemployment, and improve living standards.

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