MSMEDA, East Port Said Development team up to develop SMEs: Egypt

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Egyptian Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has signed a memorandum of understanding (MoU) with East Port Said Development to support and develop small and medium-sized enterprises (SMEs) at East Port Said Industrial Zone, as stated on June 4th.

The MoU aims to create suitable and sustainable job opportunities via enhancing the sectors of SMEs and entrepreneurship, in addition to providing an adequate work environment, including the needed infrastructure, equipped industrial parks, and basic services, with the aim of attracting investors.

The agreement also includes providing technical support to develop SMEs at the industrial complex in East Port Said Industrial Zone by offering financing sources, consultations, latest technologies, and training programs.

This is in addition to boosting the SMEs’ competitiveness and ability to export.

Under the deal, MSMEDA shall coordinate with East Port Said Development with respect to assessing the actual demand scale for SMEs as well as contributing in marketing efforts for the industrial complex across nearby governorates, MSMEDA’s CEO Basel Rahmy said.

Moreover, both sides shall cooperate to set mechanisms for the selection of investors, providing financing alternatives, and offering technical services to the projects.

It is worth noting that the MoU targets SMEs with industrial added value and those that are directly connected to vehicles and trains supply chains.