African countries

Egypt welcomes 4 African countries to strengthen cooperation on the development of MSEs

Egypt welcomes 4 African countries to strengthen cooperation on the development of MSEs

CAIRO – December 4, 2021: “The implementation of economic cooperation with the African continent is a priority for action for the Egyptian government and agrees with the presidential guidelines which call for encouraging investments and strengthening economic and trade integration between African countries and Egypt, ”said Minister of Commerce and Executive Director of Industry and MSMEDA, Ms. Nevine Gamea.

“This cooperation is based on the transfer of Egypt’s experience in MSE development, creation of a favorable legislative and organizational environment, introduction of short-term funding, provision of technical services and marketing, improving the manufacturing and operational skills of entrepreneurs and studying the needs of African markets for Egyptian products… ”, added Ms. Gamea.

These statements were made during a visit by an African delegation comprising representatives of four development institutions namely, Cameron, Senegal, Côte d’Ivoire and Comoros to MSMEDA to learn about its experience on the development of MSEs through Islamic finance.

During the visit, the African representatives obtained first-hand information about the successful businesses that MSMEDA has implemented in cooperation with the Islamic Development Bank through the Supporting Youth Employment (YES) project. . According to YES, 2,555 companies have been funded at EGP 906 million, creating more than 20,000 job opportunities.

The delegation also visited a project that MSMEDA implemented in collaboration with the Misr El Kheir Foundation on the development of animal wealth through the Ard El Kheir project according to which more than 1,800 clients have been funded in the New Valley governorates. , Assiut, Tour City in South Sinai. and El Wahat El Baharia in Giza.

Later, the Qualibia branch of MSMEDA received the delegation and briefed the representatives on the mechanisms and experience of MSMEDA in launching the One Stop Shop (OSS) model to help clients obtain the necessary documents for their businesses.

The delegation concluded the visit by learning about MSMEDA’s activities on MSE financing and non-financial services which include, for example, training courses on entrepreneurship development and specialized programs on improving business skills. crafts and marketing skills, as well as community infrastructure projects that generate daily jobs for casual workers.