Int'l agencies offer $2.8bn to SMEs in Egypt

Minister of International Cooperation Sahar Nasr said the funds, which were offered by international agencies to small and medium-sized enterprises, reached about 2.8 billion US dollars.

Some 20% of the cash money is grants and 80% is offered in the form of soft financing at an interest rate of 1%, she said, adding it will be paid over 35 years.

Speaking at the second day of Akhbar Al Youm conference "Egypt… road to the future" on Sunday, Nasr added the move came in implementation of the president's initiative to pay further attention to the SMEs.

Although the different enterprises offer many job opportunities nationwide, they face big challenges including the failure of the banking sector to fund them.

Banks opt for treasury bills and major projects, the minister noted. 

She said the SMEs also face institutional difficulties, adding the government assistance is not sufficient for them.