Al Nagdy: Small Businesses Revolute

Major General Esmail El Nagdy – Chairman of Industrial Development Authority- said that the Authority is preparing for revolutionary processes in small businesses; cooperating with the National bank, as well as a number of Egyptian banks, assuring that the government believes that small businesses represent the stimulating factor, which will push the Egyptian economy forward; in the next phase.

El Nagdy added that coordination with Egyptian banks was supported by their new responsibility of easing financing processes for small businesses, as the industrial authority will be in charge of providing licenses and lands for these businesses.

El Nagdy confirmed that the ministry of industry and foreign trade seeks to link these small businesses and projects with the major industrial businesses, in order to support small businesses with outlets for their products away from large burdens of marketing.

To be mentioned that the Cabinet has issued an initiative of establishing a new authority to focus on supporting small businesses, besides coordinating with some banks to finance these businesses, and it was agreed that the lunch of this authority will take place after presidential elections.