By: Eslam Fadl
Cairo – Mubasher: The European Union (EU) is seeking to provide an EUR 100 million grant per annum to support small-sized enterprises in Egypt, head of cooperation at the European Delegation Ibrahim Laafia said.
Laafia highlighted that the small- and medium-sized enterprises (SMEs) make up 90% of the EU’s commercial business, pointing out that this sector provides around 85% of jobs.
The EU is interested in developing the SME sector in the Arab world's most populous country, he stressed during his speech at the SME conference for Vision 2030.
Laafia added that the EU is seeking to set a programme for the SMEs in Egypt in a bid to help institutions get financings and improve the sector’s programmes.
He also noted that the Central bank of Egypt (EBE) is helping implement the financial inclusion plans and develop the e-payment system to apply it in the SME sector.
Translated by: Mai Ezz El-Din
