Adelegation from four African countries, Cameron, Senegal, Ivory Coast, and the Comoros, has visited Cairo to discuss enhancing cooperation with Egypt on the development of micro and small enterprises (MSEs) through Islamic finance.
Nevine Gamea, Egypt’s Minister of Trade and Industry, and Executive Director of the Micro, Small and Medium Enterprises Development Agency (MSMEDA), received the delegation.
She said: “Enforcing economic cooperation with the African continent is an action priority for the Egyptian Government and agrees with the presidential orientations that call for encouraging investments and striking economic and trade integration among African countries and Egypt.
This cooperation is based on transferring Egypt’s experience on developing MSE, creating the enabling legislative and organizational environment, introducing easy-term finance, providing technical and marketing services, enhancing manufacturing and operational skills of entrepreneurs and studying the needs of African markets for Egyptian products.”
During the visit, the African representatives have first-hand information about the successful enterprises MSMEDA has implemented in cooperation with the Islamic Bank for Development through the Youth Employment Support (YES) Project. According to YES, 2,555 enterprises have been funded by EGP 906m, creating more than 20 thousand job opportunities.
The delegation also visited a project MSMEDA has implemented in conjunction with the Misr El Kheir Foundation for animal wealth development, in which more than 1,800 clients in the governorates of New Valley, Assiut, South Sinai, and Giza received funding.
Later, MSMEDA’s branch in Qualibeya governorate received the delegation and informed representatives about MSMEDA’s mechanisms and experience in launching the one-stop shop (OSS) model to assist clients in getting the documents needed for their enterprises.
The delegation has wrapped up the visit by getting familiarized with MSMEDA’s activities on MSE finance and non-financial services as well that include, for example, training courses on entrepreneurship development and specialized programs on upgrading handicraft and marketing skills, together with community infrastructure projects that generate daily jobs for casual workers.