Industry ministry to form new authority for SMEs soon- Minister Qabil

Egyptian trade and industry ministry is set to finish establishing new authority to develop Small- and Medium-sized Enterprises (SMEs) soon, Minister Tarek Qabil stated Thursday.

The minister made these remarks during his meeting and state’s International Cooperation Minister Sahar Nasr with officials at the World Bank and African Development Bank – AFDB.

During the meeting, all sides discussed the efforts exerted by trade ministry to develop the infrastructure of Egypt’s industry sector as well as its vision to achieve industrial development plans within the coming period.

The authority is set to focus on supporting SMEs projects as they are the backbone of the national economy, Qabil noted.

About the decisions and legislations that the ministry targets, Qabil added that the industrial licences law waits parliament’s approval after the Cabinet endorsed it.

He clarified that this law is set to make a leap in industry sector as it would enable granting licences in few weeks.