23 January 2013

Egypt: PM Witnesses Launch of Fund to Support SMEs

Prime Minister Hisham Qandil witnessed on Tuesday 22/1/2013 the launch of "Bedaya Fund" for direct investments in small- and medium-sized enterprises (SMEs).

The document was inked between the fund's operating company and the national company for development and investment - the Fund's would-be managing authority -in the presence of the investment and social insurance ministers.

The Fund will be an addition to the government's efforts to shore up SMEs which are seen by many as the engine of the country's economic development.

Bedaya's initial capital runs at 134 million pounds which is expected to be increased to one billion pounds by the end of the year.

The Fund will invest in SMEs as well as newly-established firms for developing purposes. It targets financing those firms with capital volumes necessary for making expansions, boosting efficiency as well as production capacity, and also upgrading services and products.

Bedaya's investments shall be direct in the SMEs' capital. It shall work on SMEs' capital increase, stocks buying, or even through the inception of firms which are based in Egypt.

Bedaya Fund's investment policy is focused on four major sectors; agriculture, IT, industry, and services.

Copyright © 2013 Egypt State Information Service. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.