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.

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