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Al-Ahram Weekly 4 - 10 March 1999 Issue No. 419 
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Published in Cairo by AL-AHRAM established in 1875 |
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Al-Ahram Weekly 4 - 10 March 1999 Issue No. 419
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| Published in Cairo by AL-AHRAM established in 1875 |
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Egypt Region International Economy Opinion Culture Focus Travel Sports People Time Out Chronicles Cartoons Letters Small projects, big money
By Nevine Khalil
On Monday, President Hosni Mubarak inaugurated the 17th Youth and Sports Fair at Nasr City, in which around 4,000 small- and medium-sized industries displayed their products. The annual fair, sponsored by the Social Fund for Development (SFD) and Egyptian Youth and Sports Radio, aims to promote the products of participating industries. Included are projects launched by young people, the handicapped, as well as war veterans and their families.
President Mubarak tours the 17th Youth and Sports Fair at Nasr City on Monday
Mubarak congratulated participants for taking the initiative in starting their own businesses, instead of waiting for government jobs. "Youth should not be ashamed of working in small industries, especially since income from government jobs nowadays does not meet one's requirements," he said.
Around 22 government bodies, including the ministries of agriculture, scientific research, social affairs and information sponsor many of these projects. The fair is headed by Nagwa Abul-Naga, director of the Youth and Sports radio station.
Mubarak said that small industries are becoming more widespread as a result of the greater efforts undertaken by the SFD and the Youth and Sports network.
Mubarak toured the complex at Cairo Stadium, where the fair is being held, chatting with the young businessmen. After listening to a number of complaints about the interest rates on SFD loans and grace periods from taxation, Mubarak ordered that all interest rates be reduced to seven per cent, and that the grace periods be harmonised at 10 years for both old and new producers. Mubarak also agreed to increased participation by young industrialists in trade exhibitions abroad.
SFD Chairman Hussein El-Gammal noted that the fund "has made great leaps" in financing various projects and set an example for at least 10 other countries which have followed Egypt's lead in the field of small- and medium-sized industries. Among the wares on display were shoes, clothes, handicrafts, furniture, carpets and electrical, household and agricultural equipment, as well as industrial detergents.
Mubarak said that this year's exhibition shows "a remarkable advance in the quality and variety of the products", adding that the goods are "as competitive as any produced abroad." He underlined the importance of these industries, pointing out that the northern provinces in Italy depend heavily on small industries with an output of $40 billion worth of products annually. "Italy, Germany and Japan have all risen to the top through their small industries," said Mubarak, who was in Rome and Bonn last week.
The Youth and Sports Fair last year had total sales of LE11.8 million, including a LE4.8 million contract signed by a young entrepreneur with Kuwait to export fibreglass.
Since 1993, the SFD has paid LE4.2 billion in funds for small- and medium-size industries. The funds are collected from the Egyptian government in cooperation with the World Bank, the European Union, Arab funds and other donors.
The SFD was created in 1991 to provide a safety net to help soften the effects of the ongoing economic reform programme, and primarily targets small businesses as a means of creating new job opportunities in the private sector. SFD projects aim to generate income, increase women's participation, provide training opportunities, strengthen the capacity of NGOs and help low-income groups through the channelling of social services such as health and education and offering them credit and finance facilities.
