Economic reform programme allowed Egypt to bear repercussions of coronavirus: PM    Masked crowds fill streets, trains after Wuhan lockdown ends    Germany moves to make it easier to block foreign takeovers    Eastern Libya confirms first coronavirus case    PSG launch crowdfunding platform to fight coronavirus    Egypt approves first issuance of sukuk by Talaat Mostafa subsidiary    Tottenham tell players to follow social distancing rules    Brazilian star Ronaldinho to be freed from Paraguayan jail into house arrest    Euro zone fails to reach a deal on new coronavirus stimulus    Ethiopia declares state of emergency to curb spread of COVID-19    Egypt launches mobile application to track coronavirus cases    The veil begins to lift on COVID-19: What we know so far    Facebook launches new chat app for couples    Amazon to suspend delivery service to compete with UPS, FedEx in U.S.    Egypt's net foreign reserves fall to $40.1 bln in March –    EgyptAir to operate special flight to Canada Wednesday    Madbouly orders continued work of factories, firms to meet Egyptians' needs    Egypt quarantines Giza village for 2 weeks due to coronavirus    The Minister of Culture launches the electronic initiative "Stay at Home: Culture in Your Hands" on the Internet    Stay at home and TAM gallery will bring art to you    MPs' work continues    Egypt's Awqaf Ministry halts religious activities during Ramadan    The golden age of Egyptian cinema    Spurs' Son set for chemical warfare training in South Korea    UK foreign minister Raab in charge, will decide on lockdown measures: Gove    EFA to raise funds for players in lower divisions amid coronavirus    Egyptian Fine Arts Syndicate organises exhibition to help artists amid coronavirus    Egypt's swimmer Osman quarantined in Red Sea resort after returning from US    Egypt's Zamalek to extend Carteron's contract after end of coronavirus    Comedy puppet Abla Fahita returns to screens during Egypt's curfew    Filling GERD will begin this rainy season: Ethiopian PM    Egypt's Supreme Council of Culture launches three new competitions    Prosecution warns of EGP 300k fine or 2-year jail for spreading fake coronavirus news    Egypt, MENA growth forecast at 2.7%, -0.3% respectively: IIF    Al-Sisi discusses joint coronavirus efforts with Abu Dhabi Crown Prince    Saudi Arabia intercepts missiles over Riyadh    CBE temporarily regulates cash deposits, withdrawals    Lagging COVID-19 response to shield frail economy: Rouhani    Farwell to Egyptian comedian George Sidhom    Weekend's virtual concerts, plays, and festivals people can stream at home    Brazilian football stadiums transformed into hospitals to treat coronavirus patients    Amid coronavirus outbreak, Egyptian Premier League cancellation seems inevitable    Stay At Home: Ministry of Culture to publish free books online for public browsing    Ethiopia has not sent Egypt latest designs for GERD: Minister of Irrigation    Nigerien President hails Egypt's diplomatic attempts to reach agreement over GERD    Al-Sisi appreciates Kenya's support to Egypt's stance on GERD    Cairo court acquits Mubarak's sons of stock market manipulation    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Enterprise Egypt: A promising start for SMEs
Published in Daily News Egypt on 25 - 06 - 2009

CAIRO: Egypt launched Wednesday the country's first center dedicated to promoting entrepreneurship and supporting small and medium enterprises (SMEs).
Enterprise Egypt, or Bedayah as it will be known in Arabic (which literally means 'start'), will be fully operational this September.
The center will have the support of Egypt's Social Development Fund (SDF), the Arab Gulf Program for United Nations Development (AGFUND) and the United Nations Industrial Development Organization (UNIDO).
Three protocols were signed Wednesday at the Cairo headquarters of the General Authority for Investment and Free Zones (GAFI), giving Enterprise Egypt an official green light.
Bahrain's Minister of Housing Sheikh Ebrahim Bin Khalifa Al Khalifa, SDF Secretary-General, Hani Seif El-Nasr and GAFI Chairman Assem Ragab were on hand for the signing ceremony.
"We don't need to reinvent the wheel. Bedayah will be built on the foundation of a one-stop shop, a single office where investors can access all the services needed to set up a new business, Samir Radwan, advisor to GAFI's chairman, said.
Enterprise Egypt will have several stakeholders, including SDF, AGFUND, the National Bank of Egypt (NBE), Misr Bank and Bank of Alexandria,
Several branches of Enterprise Egypt will be open on the campuses of universities across Egypt.
"[Enterprise Egypt] will be based on a new vision and added services, Radwan added.
Enterprise Egypt will work with other local institutions to provide entrepreneurs with the needed training, information about investment opportunities and access to finance.
It will contain three units - Central BDS Unit, Incubation Unit and Access to Finance Unit - which will each be tasked with different activities.
The center will also provide legal consultancy services to entrepreneurs in the process of establishing their small businesses.
"It will shift the emphasis from enterprises to entrepreneurs, and transform the youth from job seekers to job makers, Radwan added.
The ultimate goal is to increase SME contributions to Egypt's GDP, from the current 25 percent to 40 percept in 2015 and, eventually, 50 percent in 2025, according to GAFI figures.
The SME sector in Egypt is expected to employ around 12 million people by 2015, or 42 percent of the country's total labor force, which is expected to reach 28.6 million at this time.
Enterprise Egypt will operate on the premise that investment is the main driver for job creation, Radwan said, adding that it will take a different approach from the piecemeal and inadequate programs targeting SMEs in order to create a solid career path, especially for the youth.
The pilot project of Bedayah in the Arab world was established in Bahrain in 2001, and the office has since generated hundreds of success stories.
"Since its establishment in Bahrain, 10,000 jobs have been created, 900 entrepreneurs benefited from [its services] and 300 enterprises were established, said Dan Liang, China's representative and head of investment promotion and technology at UNIDO.
Other countries have adopted this model, such as Jordan, Kuwait, Tunisia, Yemen, Sudan, and now have similar offices, said Liang.

Clic here to read the story from its source.