SMEs & Entrepreneurship

Tapping On The Power Of Small

We are pushing for a human-centered vision

for the future of work.

MSMEs Tailored Partnership

On account of the magnitude that Micro, Small, and Medium-sized Enterprises (MSMEs) hold in stimulating economic growth and job creation, the Kingdom of Saudi Arabia has awarded a grant amounting to 750 million Saudi riyals, equivalent to 200 million US dollars dedicated to support MSMEs as a part of its contribution to Egypt’s Sustainable Development Program. With the aim to bridge the gap between financial institutions and MSMEs to facilitate their access to finance provided by financial intermediaries, and to create job opportunities and expand the social safety nets through financial intermediaries. Click here for more info about the projects and on how to benefit from the grant finance:

Harnessing Local Skills

The role of renewed, inclusive multilateralism is key to move ahead in unity to harness the potential of the private sector and civil Society and direct them towards achieving national goals. In this case, it is connecting Environmental, Social and Governance (ESG) ambitions with support to Egypt’s private sector, where there is a greater focus on enablement rather than just delivery. It aims to cultivate the right conditions to unleash the domestic workforce through an adequate legal and regulatory framework, effective infrastructure and services, and reliable and clean energy supplies.

People at the Core

The role of the private sector does not just generate wealth or create jobs, but can also ensure social inclusion, food security, environmental conservation, and most importantly, reduce poverty. To adequately respond to the challenges SMEs face, we start by putting people at the core: pushing employers and employees towards realizing their full potential. Through our human-centered agenda, we acknowledge that the SMEs sector also includes informal workers and women entrepreneurs that demand further support. In line with that, we dedicate our resources to achieve partnerships with purpose as key drivers to generate sustained and inclusive growth.

Promoting economic sustainability through small and medium enterprises

SMEs and startups have been a latent force in the Egyptian economic landscape over the past decade. In addition to their strong contribution to economic growth, these small and medium-sized companies are very effective in pushing the Egyptian economy towards achieving sustainable and comprehensive economic development. Small and medium-sized companies, as well as emerging companies, are gaining great importance in the Arab Republic of Egypt in light of the population exceeding about 100 million people. The growth of these companies reflects the spirit of innovation and entrepreneurship that contribute to shaping a sustainable and better future. Therefore, the Ministry of International Cooperation is committed to supporting the development of small companies. Medium and medium-sized companies and emerging companies in Egypt through international partnerships. The Ministry of International Cooperation contributes to making various and innovative financing tools available to support small and medium-sized companies, with a focus on promoting sustainable development in its support of small and medium-sized companies and emerging companies. This includes supporting companies that are working to reduce their environmental impact, that are developing innovative products and services that address social challenges or that invest in youth. 

A project to stimulate entrepreneurship in order to create job opportunities

During last March, Al-Mashat, with the World Bank Group mission, followed up on the implementation of the project to stimulate entrepreneurship in order to create job opportunities, which was announced in 2019 and is being implemented in cooperation with the relevant national authorities, to discuss the results achieved in implementing the program so far and to discuss providing a grant. New in light of strengthening the third component of the project, which aims to raise business efficiency.

The project aims to support reforms aimed at providing more opportunities for youth and women in Egypt, through three components

First: Increasing the amount of credit available to small and medium-sized companies and enhancing their access to credit, in light of their vital role in providing job opportunities and promoting sustainable growth. Second: Increasing seed capital, early-stage capital, and risk capital available to innovative start-ups facing higher risks and new SMEs.

Third: Developing business and capabilities, enhancing training and guidance services to develop the business of small, medium and micro enterprises, and enhancing technical assistance. 

During the meeting, what has been achieved on the ground so far and the funds directed in light of the program to the trade sectors by 72%, services by 15%, animal production by 7%, industry by 5%, and other sectors by 1% were discussed. The discussion of future cooperation programs between the government was also discussed. And the World Bank Group to direct more support to emerging companies and small and medium enterprises.

This year witnessed the signing of a development financing agreement worth 150 million pounds, between the Kingdom of Saudi Arabia Grant Management Committee and the Micro, Small and Medium Enterprises Development Agency, to contribute to financing medium, small and micro projects, on the sidelines of the committee’s meetings in Cairo last June. 

Harnessing the Power of Young Entrepreneurs

Harnessing the power of young entrepreneurs, Flat6labs is a successful model for cooperation with the USAID to foster youth employment in the Middle East and North Africa (MENA) region. Flat6Labs achieves this mission by offering a wide range of services including mentoring, training, and financing, and has grown to be the leading business accelerator in Egypt, supporting 106 businesses and creating 7,450 jobs, of which 6,293 for women.