Minister of Finance: Funding for young entrepreneurs in priority sectors

Funding for young entrepreneurs in priority sectors

 

Egypt approves largest support package for small and medium-sized enterprises (SMEs) at EGP 5 billion

Egyptian Finance Minister Ahmed Kouchouk announced that EGP 5 billion has been allocated in the new general budget, which began implementation on July 1, as the largest economic support package for SMEs. This will contribute to providing concessional financing for young entrepreneurs, with a focus on priority sectors.

He added that this step represents a strong boost to support the private sector and productive sectors, within the framework of the partnership with the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and a new phase of effective cooperation aimed at achieving financial sustainability for the agency and contributing to driving economic growth.

Kouchouk, along with Basil Rahmy, CEO of the MSMEDA, witnessed the signing of a cooperation protocol between the two parties on Sunday, within the framework of financial policies supporting private sector activity and stimulating startups and entrepreneurs.

Kojok explained that there is a preliminary agreement with the Authority to finance a number of initiatives, including support for beneficiaries of tax concessions, entrepreneurship, and strengthening the local component in industrial, production, and export projects, in addition to supporting the most needy families through economic empowerment.

He indicated that special, low-cost financing will be provided during the current fiscal year to the first group joining the simplified and unified tax system. For his part, Basil Rahmi praised the financial policies that stimulate the growth of emerging entities and enhance economic activity, stressing that the advanced thinking adopted by the Minister of Finance opens promising horizons for the economic empowerment of young entrepreneurs.