With a capital of EGP 5 billion, Egypt will be channeling funds to support small and medium sized enterprises across the country.
The Tahya Misr (Long Live Egypt) fund will launch a holding company to support Small and Medium-sized Enterprises (SMEs). According to the fund’s Executive Director Mohamed Ashmawy, the new company will be set up with a capital of EGP 5 billion and paid-up capital estimated at EGP 2 billion.
The holding company is set to fund the building of industrial complexes for SMEs, enabling young entrepreneurs to rent the complexes, as well as coordinate with different authorities working in private and public sectors, Ashmawy said in a conference held with the Social Fund for Development (SFD) on Sunday.
During the event, the Tahya Misr fund signed an agreement (MoU) with SFD to execute the White Taxi Project, which entails the financing of 1,000 taxis in Faiyum, Asyut, Monufia, Damietta, Kafr el-Sheikh, Qena and Luxor governorates, in addition to 10th of Ramadan City.
The social fund, established in June 2014 by President Abdel-Fattah El-Sisi, is aimed at assisting development projects including youth, infrastructure, slums, and small enterprises.
By the end of 2014, the charity’s donations had not exceed EGP 6 billion, a figure which President Abdel Fattah Al-Sisi found disappointing, according to a report by Mada Masr.