Thursday,20 September, 2018
Current issue | Issue 1402, (19 - 25 July 2018)
Thursday,20 September, 2018
Issue 1402, (19 - 25 July 2018)

Ahram Weekly

Micro-financing

photo: Reuters
photo: Reuters
Al-Ahram Weekly

TARGETING to create thousands of jobs by fiscal year 2021-2022, the newly appointed government of Prime Minister Mustafa Madbouli announced several government initiatives designed to support SMEs. These include allocating at least 10 per cent of available land to young people and SMEs, providing LE10 billion to banks to give out as loans to SMEs in the coming four years, and expanding micro-financing for women in rural areas to create 100,000 jobs in agricultural, commercial and service sectors.

According to the World Bank, formal SMEs contribute up to 45 per cent of total employment and up to 33 per cent of national income in emerging economies.

In Egypt, SMEs represent around 80 per cent of the economy, the majority of them operating in the informal sector.

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