In March 2020, the Egyptian Government announced a EUR5.9 bn stimulus package to support the economy, and notably the manufacturing and tourism sectors. To support liquidity, the Central bank of Egypt (“CBE”) cut down the discount rate by 3% and allocated EGP 20 bn (EUR1.2 bn) to support the stock exchange. This is completed by the postponement of repayment of loans for SMEs by 6 months, the reduction of natural gas and electricity prices to industries and tax deferral in some sectors. A EGP 50 bn (EUR2.5bn) fund was created to extend loan facilities at subsidized interest rate. The Government also decided to expedite the payment of EGP 1 billion of export subsidy and facilitate export procedures. READ MORE
SBAC / WG
The Small Business Act national coordinator – SBAC in Egypt is Dr Nermine Abullatah, Advisory to the Minsiter, Ministry of Trade and Industry. Under her supervision MED MSMEs working groups composed of institutional and private sector representatives have been established to cooperate in the Programme implementation, mainly in the areas of policy, access to finance and SME internationalization.
The Working Groups (WG)
In order to ensure that the regional level activities integrate the national priorities on the two specific topics and translate into impact at the country level, the Programme implementation will rely on the establishment - under the coordination of the SBA Coordinators - of at least two working groups in each of the partner countries, one for MSME Access to Finance and one for MSME Internationalisation.
These working groups are formed of relevant policy makers, regulatory bodies, public agencies, representatives of the private sector and – when possible – representatives of the national legislative body; the EU Delegation representatives and relevant development partners will be invited to participate to the working sessions. The working groups will not exceed 15 members of which at least one third will be women.
The working groups are responsible for: