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TunisiaImproving access to finance for MSMEs in Egypt: EU project holds high-level seminar
September 29, 2016
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Policymakers, financial institutions, bankers, representatives of the private sector, academia, think tanks from Egypt as well as entrepreneurs and EU experts discussed practical solutions to enhance access to finance for Egyptian businesses at a high-level seminar organised this week in Cairo in the framework of the EU-funded project Enhancement of the Business Environment in the Southern Mediterranean Project (EBESM).
The seminar took stock of the reforms needed to enhance the financial inclusion of Egyptian MSMEs, a fabric that constitutes the backbone of the Egyptian economy; and that are key drivers of growth, job creation and poverty reduction.
Based on the results and recommendations of the EBESM study entitled “Assessment of Egyptian Policies to Facilitate Access to Finance for MSMEs”, around 50 seminar participants debated on how to overcome the obstacles and challenges that hinder MSMEs access to finance in Egypt and maximise developmental benefits of the new initiatives taken by the Central Bank of Egypt.
Priority actions will kick-start with the technical support of the EBESM Project. Actionable recommendations and concrete proposals were formulated during the seminar, including:
- Establishing a platform for MSMEs in a partnership with one or more investment houses creating a Mezzanine Fund and a venture capital fund in coordination with existing organisations that would provide technical assistance, capacity building, mentorship, efficient one-stop-shop and incubators so that’s how the whole business cycle can be completed.
- Creating a market intelligence Company to gather data from the company’s external environment, in order to provide a complete picture of its performance.
The EBESM project aims to contribute to the improvement of the business enabling environment for Micro, Small and Medium Enterprises (MSME) in the ENP South through the strengthening of technical expertise and capacity of targeted public and private stakeholders.
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Egypt
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