By: Yara Tarek
Great news for entrepreneurs lately; real changes are happening. President El Sisi is supporting SMEs, along with other projects and banks. We’re excited and you should be too; let us fill you in.
El Sisi Meets the Governor of Port Said
On February 5th, President Abd El Fattah El Sisi held a meeting with Adel El Ghadban governor of Port Said and instructed to provide youth with all the necessary loans and facilitation to carry out their projects.
President El Sisi also stressed on the integration between the government and the civilians, in order for the projects to start evolving.
The digital bank for freelancers that’s about to launch soon, is going to help too. You can find more information about it here.
The Central Bank
The funding for the initiative that started 2.5 years ago by the Central Bank, targeting small and medium projects and supplying them with 2.5 billion L.E, has already reached 12 billion L.E, with monthly increase of 650 million L.E. It has already provided about 100 L.E billion worth of funding last year, and is expected to provide 200 billion L.E more this year.
European Investment Bank
In June 2018, the European Investment Bank (EIB) and the Bank of Alexandria (Alexbank) signed a financing agreement worth €20 million to support small and medium-sized enterprises (SMEs) in Egypt.
The Role of SMEs
SMEs offers many opportunities for the youth who are struggling with unemployment. These projects will also boost the economy, which is why focusing on it will make a difference.
More Developments in Port Said Are Underway
In the same meeting, El Sisi also announced the establishment of 2 bridges in Ba2r Sea and directed the government to improve the efficiency of Lake el-Manzala and remove the encroachments. By the end of this year, the construction of Port Said University hospital will be finished.
SMEs are an integral part of this country’s economic growth. President El Sisi has stressed at the preliminary meeting of young entrepreneurs in Africa back in January that the country is going to take several measures to support entrepreneurial youth. So, we’re crossing our fingers for SMEs and hoping that these measures work effectively.