Back to the complete issue
Wednesday, 26 April 2017

Prime Minister establishes SME Development Authority

Goodbye, Social Fund for Development. Hello, SME Development Authority:Prime Minister Sherif Ismail has signed off on the establishment of a small- and medium-sized company development authority under the auspices of the Trade and Industry Ministry as a replacement for the Social Fund for Development. The decision was published in the Official Gazette (pdf) on Monday. The authority, which will meet at least once every two months, is mandated with putting in place a roadmap to encourage investment in SMEs and help smaller companies grow their exports. The authority also looks set to push for land and licensing procedures that are more SME-friendly. The authority’s board will include representatives from the ministries of trade and industry, planning, local development, finance, social solidarity, investment and international cooperation, and CIT as well as the heads of the Federation of Egyptian Industries and the Federation of Egyptian Chambers of Commerce.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.