SMEDA financed 14,000 MSME projects in Fayoum Governorate in 2017

Authority's current strategy based on expanding, diversifying areas of finance to serve all sectors of MSMEs, says Gamea

The Small and Medium Enterprises Development Authority (SMEDA) funded 14,000 micro and small projects in Fayoum governorate in 2017, creating more than 17,000 jobs for the governorate's residents, according to head of the authority Nevine Gamea.
Gamea explained that the amount of funding provided to these projects amounted to EGP 230.5m, in addition to a number of infrastructure and community projects worth EGP 20.9m, creating 144,000 daily pay jobs, noting that the funding was obtained from the World Bank and European Union.

Gamea stressed that the SMEDA is keen to overcome all the difficulties and problems faced by youth during the implementation of their projects. She pointed out that the authority's strategy in the next phase is based on expanding and diversifying areas of finance to serve all sectors of micro, small, and medium enterprises (MSME), as well as providing many financial and non-financial facilities. Such projects are geared towards creation of employment opportunities for youth as well as instilling the self-employment mindset.

"The self-employment is one of the pivots of the authority's strategy, which is in line with the government's directives to create a favourable atmosphere conducive to innovation and development. The authority aims to provide adequate funding and technical support as well as the necessary tools for innovation and talent acquisition, which should encourage youth to start their own small projects beyond the traditional type of employment," added Gamea.
Gamea's remarks came during her participation at the activities of the first regional youth conference, recently held in Fayoum governorate, attracting about 1,200 youth from that governorate as well as Minya and Beni Suef.

The conference was attended by Minister of Local Development Abu Bakr El-Gendy, Minister of Planning Hala Al-Saeed, Deputy Minister of Agriculture Mona Mehrez, Governor of Fayoum Gamal Samy, Minya Governor Essam El-Badawi, and Governor of Beni Suef Sherif Habib.
The conference sessions covered topics ranging from planning, economic reform, sustainable development, investment, and entrepreneurship, among others.
The conference was a distinct opportunity for the SMEDA to present its services provided for the small and microfinance sector in terms of funding, technical support, and marketing, with the aim of encouraging youth to lead and establish their own small and microenterprises that would create more jobs for them and improve their social and economic lives.