Prime Minister Mostafa Madbouly witnessed on Sunday evening the signing of a memorandum of understanding (MoU) between the Micro, Small, Medium Enterprises Development Agency (MSMEDA) and the East Port Said Development (EPSD). The MoU supports the development of small and medium enterprises (SMEs) in the industrial zone in East Port Said.

It was signed by Basil Rahmi, CEO of MSMEDA, and Karim Saad, Chairperson of the EPSD.

The Prime Minister said that the state pays great attention to the sectors of SMEs and entrepreneurship. It works to provide more facilities and incentives for this important sector believing in its role in providing more jobs for a large number of segments of society, in addition to its role in the growth of the volume of Egyptian exports, and the increased ability of local production to compete in various international markets.

The MoU aims to provide decent and sustainable job opportunities through the development and strengthening of MSMEs and entrepreneurship, and provide an appropriate environment that includes the necessary infrastructure, equipped industrial spaces and basic services, in order to keep pace with the state’s strategic direction towards the reconstruction of Sinai. In addition, it aims to create an encouraging environment for the SME industries, making them attractive to investors.

The MoU also provides technical support for the development of SMEs in the industries complex in the industrial zone in East Port Said, by providing sources of financing, consultations, modern technologies and training programs, in addition to working to enhance the competitiveness and export of those projects.

Rahmi indicated that the Agency is carrying out the task of coordinating with the main East Port Said Development Company, with regard to assessing the volume of actual demand for small and medium industries in the areas geographically adjacent to the industrial zone in East Port Said, as well as contributing to efforts of the small and medium industries complex through the geographical presence of the offices of MSMEDA in the neighboring governorates.

MSMEDA, in cooperation and coordination with the main East Port Said Development Company, is setting up mechanisms for selecting serious investors, providing appropriate financing alternatives to finance the qualified project in accordance with the policies and rules in force by the agency, in addition to providing auxiliary services and technical support for the projects that will be implemented.

For his part, Saad explained that the East Port Said Development will determine the industries to be attracted to the small and medium enterprises complex in the East Port Said industrial zone. It will build and equip SMEs industries complex in a way that suits the targeted industries and is in line with the specifications of actual demand. This is in addition to the operation and maintenance of the complex to ensure its sustainability, and to provide a stimulating environment for production and operation.

The MoU targets SMEs with industrial added value, such as castings, forgings, metal forming and working, packaging, and other industries that are directly related to the supply chains of the train and automobile industry, and others.

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