Minister of Trade and Industry Nevine Gamea said that close coordination is underway between the Micro, Small and Medium Enterprise Development Agency (MSMEDA), relevant state bodies, and NGOs to maximize the benefits from MSME development funds.

Addressing a meeting of the House of Representatives’ committee on SMEs on Sunday, in the presence of International Cooperation Minister Rania Al-Mashat, Gamea highlighted the authorities entrusted to the MSMEDA under law No. 152/2020 and its executive regulations to support SMEs through a wide range of services, facilities, and advantages.

This support aims to expand small and medium sized businesses, increase productivity, stimulate competitiveness, and encourage young people to start their own businesses and regularize their status by joining the formal economy, making use of the tax incentives under the above-mentioned law, Gamea noted.

She also shed light on her ministry’s ongoing outreach efforts in coordination with the ministries concerned to facilitate access to these advantages and facilities and raise the targeted beneficiaries’ awareness about them.

Gamea further revealed that the MSMEDA is currently under restructuring in line with the requirements stipulated by the said law to facilitate greater access to the agency’s financial and non-financial services, thus creating more business opportunities for young people and entrepreneurs.

Source: State Information Service Egypt