“We noticed that entities are adopting different definitions for this sector. The initiative also obligates banks to establish specialized units for providing the financial services to these enterprises. Similarly, the MSMEDA provided LE 5.1 billion for SMEs and micro businesses last year, up from LE 3.8 billion in 2016. “We are targeting to push our financing portfolio up 20 percent to LE 6 billion by the end of this year,” says Gamea.Despite the growing attention aid to SMEs, the sector’s role in economic development remains limited and does not reflect its potential. A similar MoU was also signed with the Ministry of Manpower to prepare youth to set up SMEs and train workers to man in these projects.

Source: Egypt Today September 26, 2018 09:11 UTC