Small, medium-sized projects account for 80 % of local production

Small and medium-sized projects account for 80 percent of the local production and 75 percent of the private sector projects, Minister of International Cooperation Sahar Nasr said on Tuesday.

Nasr made the remarks while reviewing the ministry's vision to support small and medium-sized projects before the parliament's small and medium-sized projects committee, in the presence of committee head Mohamed Ali Youssef and Head of parliament's economic committee Ali Al Moseilhi.

Given its importance and role in combating unemployment, Nasr stressed keenness on attaching great importance to small and medium-sized projects.

The minister, in this connection, pointed out to the key aims of the government social economic program, topped by achieving an inclusive sustainable economic development.

Up to 60% of private sector job opportunities are created by small and medium-sized projects and 30 percent of agricultural and services sectors jobs are created by this kind of projects as well.

Unemployment rate hits 12 percent, mostly among youth, Nasr said, adding that most support allocated for private sector goes for mega projects.

On the other hand, small and medium-sized project don't get the same support, the minister said, stressing the need to support such projects that help in creating many job opportunities.

She highlighted key challenges facing small and medium-sized projects, atop of which are funds that are allocated to big cities instead of most-needy governorates in Upper Egypt.

The ministry's vision for the small and medium-sized projects involve increasing number of new projects, helping innovative projects to achieve progress, increasing productivity rates, developing human resources as well as providing fund through creative financial tools, the minister noted.

In a bid to support the vital economic sector, the ministry of International Cooperation has garnered funds of dollars 2.9 billion for small and medium sized projects - of which 20 percent are grants and the rest concessional funds- from Egypt's partners, so far.