“Tahya Misr” (Long Live Egypt) fund is to launch a holding company to support and finance Small and Medium-sized Enterprises (SMEs), executive director Mohamed Ashmawy said Sunday.
The new company will be established with authorized capital worth 5 billion Egyptian pounds (US$638.5 million) and paid-up capital estimated at 2 billion pounds.
Ashmawy made these remarks during the conference held Sunday to sign MoUs with the Social fund for Development (SFD).
The holding company is set to fund constructing comprehensive industrial complexes for SMEs, the official added.
Ashmawy stated that the new firm aims at enabling youths to make use of the complexes though renting. Also, the company is set to coordinate with different authorities working in private and public sectors.
He further emphasised on the importance of SMEs sector in achieving sustainable development.
On Sunday, Tahya Misr fund and SFD have signed a MoU to execute the white taxi project whereby the fund will provide the necessary finance for 1,000 taxis in Faiyum, Asyut, Monufia, Damietta, Kafr el-Sheikh, Qena and Luxor governorates in addition to 10th of Ramadan City.
