MSMEDA pumps 6.2 billion EGP to finance 178,000 projects in 11M 2021: Minister of Commerce

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Nevine Gamea, Minister of Trade and Industry and Executive Director of the Micro, Small and Medium Enterprises Development Agency (MSMEDA), revealed that the agency has injected funds in the amount of $ 6.2 billion EGP to support the small and micro enterprise sector, which has funded around 178,000 projects, providing around 368,000 new job opportunities between January 1 and November 30, 2021.

She explained that with the help of MSMEDA, various industrial, commercial, service, animal and liberal sectors have been funded, noting that people between the ages of 30 and 40 receive 36% of this funding.

Gamea said the agency is now working, in cooperation with various state agencies, to implement the directives of political leaders to provide more facilities to the small projects sector by activating the Project Development Law 152 / 2020 and its implementing regulations.

The law and its regulations were prepared by the MSMEDA in cooperation with 25 government agencies and a number of institutions and NGOs with the aim of simplifying the procedures for establishing small projects and obtaining the necessary licenses for them. creation.

The law also directs the Ministry of Finance to implement tax incentives that will begin to operate from the date of submission of new tax returns.

Gamea confirmed that the owners of existing projects have already started to request agency branches in all governorates to issue classification certificate with the aim of enjoying the various benefits offered by state agencies according to the law. .

So far, one-stop shops at 33 branches across Egypt have issued 9,000 classification certificates, 7,321 definitive licenses for new projects, 8,696 temporary licenses for new projects, 3,899 tax cards, 503 business registrations and 3,301 installation numbers.

The Minister explained that MSMEDA has also started to implement the directives of political leaders with the help of projects operating in the informal sector to introduce the said projects into the formal economy.

She said branches of the agency have so far issued more than 1,000 definitive licenses to legalize the status of applicants, and 2,300 temporary licenses whose owners will be assisted in their transition to the formal economy.

Gamea added that the agency – in cooperation with the Ministries of Higher Education, Youth and Sports, Manpower, Social Solidarity; and the International Labor Organization – provided free training courses to citizens, as 373 training courses were held to develop entrepreneurial skills, during which more than 8,000 young men and women were trained in the principles of entrepreneurship.

MSMEDA also organized 600 entrepreneurship awareness seminars attended by over 28,000 citizens.

In addition, the Minister clarified that during the same period – despite the pandemic – the agency organized 116 fairs in which 4,090 exhibitors participated and managed to achieve sales amounting to 151 million EGP in more to conclude indirect contracts.

In addition, over 2,600 projects were documented in the registry of government agencies and submitted bids worth over EGP 353 million.

Regarding the agency’s role in the Presidential Decent Life Initiative for the Development of the Egyptian Campaign, Gamea said the agency has injected nearly EGP 900 million into the initiative, funding 32,000 projects and creating 61,000 jobs.

The minister added that the agency has also helped in the implementation of labor-intensive projects to provide employment opportunities for irregular workers and to provide a better environment which would help to expand the funding of small and micro-projects.




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