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USAID to fund SMEs project in Egypt in 6 months: Director of Egypt mission The agency allocated no less than $150m to fund new enterprises beginning next September, says Carlin
The United States Agency for International Development (USAID) plans to fund a project to serve the sector of small and medium sized enterprises (SMEs) in maximum six months from now. The project comes after the end of the Trade Facilitation Project (TFP) that began in 2011, according to Sherry F. Carlin, USAID's Egypt Mission Director. Carlin said, in a special statement to Daily News Egypt, that the agency will allocate no less than $150m to fund new projects in Egypt in different fields, beginning from next September. The statement came on the sidelines of a conference that was held on the occasion of the end of the TFP. The agency funded projects for approximately $260m in different sectors, such as education, health and small projects, according to Carlin. Carlin added that the TFP that started in 2011 and will come to an end this month provided funds of approximately $14m for sectors of small projects, exports and engineering industries. Richard L. Wellons, Chief of Party of the TFP, said that the project aimed at reforming policies of trade, developing exports, enhancing energy efficiency, and contributing to the advancement of small and medium industries. The US government is continuing its support for the Egyptian trade sector, especially SMEs, said Carlin, noting that about 100 SMEs were able to achieve sales of approximately $70m during the last four years. Carlin added during the conference, Wednesday, that since 2011, the project helped through holding promotional and rehabilitative conferences for the SMEs and the projects that aim at exporting. "We offered technical support to the Foreign Trade Training Centre and a number of bodies affiliated to Ministry of Industry and Foreign Trade, through training and qualifying workers as well as raising their efficiency," said Carlin, adding that they support women working in exporting as well, whereby they were linked to the services providers. "On behalf of the American people, I am assuring you that America is proud of what it achieved on the land of Egypt in regards to trade developing, supporting exports, and advancing the sector of SMEs," added Carlin. Laila El Maghraby, Executive Director of the Engineering Export Council, said that a number of SMEs specialised in engineering industries succeeded in increasing their exports, and rehabilitating their employees, thanks to the efforts of TFP, adding that they seek to double the exports volume of engineering industries sector through an ambitious plan.
