Cairo - Mubasher: The Egyptian government is targeting an increase in finances to support small and medium sized projects to EGP 9.3 billion by 2030.
The Minister of Planning and Administrative Reform, Hala El-Saeed said that there have been a growth in finances to small and medium enterprises (SMEs) from EGP 2.53 billion between 2012 and 2014, to around EGP 5.75 billion between 2015 and 2016, with an annual growth rate of 127%.
Total finances provided for SMEs totalled EGP 15.2 billion between 2015 and 2017, the minister noted, adding that the aim is to reach EGP 9.3 billion by 2030.
The ministry aims at supported SMEs through a number of nationwide initiatives, in line with the national project to provide work opportunities for the youth, as well as women and productive families.
El-Saeed also stressed that around the world effective economic growth is one that is accompanied by rising employment, and that every 1% in GDP growth provided around 150,000 new work opportunity in average, which is why seeking higher growth for the Gross Domestic Product (GDP) is the first line of defense against unemployment.
