- The Egyptian MSMEDA has allocated EGP 1.19 billion in funding to 48,743 small and micro projects during the first third of 2020.
- The financing comes as part of efforts to combat the negative fallout of the coronavirus (COVID-19) and its impact on the MSMEs.
- There are many industrial, services and commercial sectors that have increased their operating rates and profits during this severe crisis.
According to the Trade and Industry Minister Niven Gamea, the Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) funded 48,743 micro and small-sized enterprises by EGP 1.19 billion from January to April 2020, reports Egypt Today.
Funding to tackle COVID-19 impact
The minister considered as “good” the amount of funding, taking into account the negative economic impacts that emerged with the outbreak of the novel coronavirus (COVID-19) pandemic, according to a statement by the agency.
She added that the small volume of project financing is “normal” in light of the current crisis in all world countries, including Egypt.
However all crises generate vast investment opportunities, which youth can exploit and succeed in.
She further noted that there are many industrial, services and commercial sectors that have increased their operating rates and profits during this severe crisis.
The top sectors being preventive and medical supplies sector, sterilization products, e-marketing and technology support services sector, in addition to many other areas.
New fund for regular workers
The Egyptian manpower minister, Mohamed Saafan, announced a new EGP 150 million package to support around 140,000 regular workers in 1,200 institutions, in line with the directives to provide salaries to the regular employees working in sectors most affected by the COVID-19 outbreak.
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Source: Egypt Today
