(3 minutes read)
- Chairman of the committee of small and medium-sized enterprises of Egypt Hassan el Shafie said that in partnership with the Egyptian Microfinance Federation, the country would create and ecosystem for SMEs to grow and deliver
- Like in other countries, ideally the SMEs sector should contribute substantially to industrial output
- The share of SMEs in Egypt is only 20% to the industrial output as against 80 to 90% in major economies.
Chairman of the committee of small and medium-sized enterprises of Egypt Hassan el Shafie said that in partnership with the Egyptian Microfinance Federation, the country would create an ecosystem for SMEs to grow and deliver. Like in other countries, ideally the SMEs sector should contribute substantially to industrial output. The share of SMEs in Egypt is only 20% to the industrial output as against 80 to 90% in major economies.
Shafie was speaking during a meeting of the committee with the Egyptian Businessmen’s Association (EBA) recently. Chairperson of the Egyptian Microfinance Federation (EMF) Dr Mona Zulficar was also present at the meeting. Egypt is now exploring ways to boost joint cooperation in terms of financing small, medium and micro-sized ventures.
Shafie welcomed cooperation between the EBA and EMF to deliver services to SME companies and address challenges facing them. The EBA and EMF are also working together to boost awareness of the importance of economically empowering women and youth to help reduce unemployment and poverty rates.
