The move aims to support the massive SME sector through the Coronavirus crisis.
Dr. Hala El Said, Minister of Planning and Economic Development of Egypt, has announced an EGP 8.5 billion plan to establish 13 complexes across the country, to service small and medium enterprises (SMEs).
The decision comes as part of an initiative to support the SME sector through the Coronavirus crisis. In her statement during a German-Arab Chamber of Industry and Commerce (AHK Egypt) online seminar on Tuesday, El Said spoke of the significant toll the crisis has taken on entrepreneurs, particularly in terms of labour supply due to health factors, social distancing, and stay-at-home measures.
“The SME sector cannot be viewed in isolation from the national economy, because small projects grow with major projects in the country,” the minister said, pointing particularly to the massive size of the sector.
According to Dr. El-Said, the SME sector currently employs 5.8 million people (43.1% of all private sector employees) in 1.7 million entities (44.6% of all private sector companies). The move aims to leverage the agility and rapid growth of the sector to help support the economy through the COVID-19 downturn.
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