CAIRO: Egypt’s Minister of Trade Mounir Fakhry Abdel Nour witnessed Monday signing a protocol between Federation of Egyptian Chambers of Commerce (FEDCOC) and Social Fund for Development to develop small and medium sized enterprises, FEDCOC reported Sunday.
Speaking at a press conference held Sunday, Trade Minister Mounir Fakhry Abdel Nour said, “The protocol will participate in establishing an infrastructure for the governorates through the trade chambers’ branches and the social fund.”
Abdel Nour added that the protocol will facilitate establishing small and medium sized enterprises SMEs, especially after amending the law on trade chambers which allowing them establishing companies, markets and warehouses.
“It is time to give special concern to Upper Egypt, which has been neglected for years.”
Upper Egypt’s share in the fund portfolio allocated to SMEs hiked to 48 percent, after years of marginalization, according to Youm7.
SMEs represent 90 percent of total companies in Egypt and provide between 70-80 percent of the Gross Domestic Product (GDP) and about 75 percent of job opportunities and serve several major industries.