Qabil: Bill on developing MSMEs finalized
Saturday، 13 January 2018 - 11:29 AM
Minister of Trade and Industry Tareq Qabil said Friday his ministry finalized a bill on developing Micro, Small, and Medium-sized Enterprises (MSMEs).
In a statement on Friday, the minister said that the bill was submitted to the Cabinet that will refer it to the House of Representatives for endorsement.
The bill includes definitions and incentives provided for MSMEs projects, which represent more than 80 percent of the Egyptian economy's structure, to encourage the informal sector to join the formal system, as well as the funding mechanisms, the statement said.
This fresh bill will replace law No. 141 of 2004 on the development of small enterprises, to grant the Small and Medium Enterprises Development Authority the right to deal with the medium-sized enterprises, in addition to small and micro enterprises both in terms of providing direct or indirect financing and technical support, it added.