Since its creation in 1992 under the name of the Social Fund for Development, the Micro, Small and Medium Enterprises Development Agency (SMEDA) has financed about 2.9m small and micro enterprises with a total funding of EGP 37.8bn, which has created approximately 4.6m jobs, according to its CEO, Nevine Gamea. She noted that during the first nine months of this year alone, the agency has pumped about EGP 4.1bn to fund some 189,000 small and micro enterprises, creating about 299,000 jobs. Gamea attended the meeting of the ‘People and Banks Conference’ last Wednesday regarding the role of banks in small and medium enterprises. She stressed SMEDA’s interest and its readiness to cooperate with all banks predisposed towards financing youth projects in various credit systems and mechanisms, with a particular focus on providing marketing, training, advisory, and technical services support. Furthermore, Gamea stressed the importance of the small and micro enterprises sector in raising the economic development rate in Egypt, as well as creating hundreds of thousands of jobs annually.

Source: Daily News Egypt October 28, 2018 07:52 UTC