El Abd:Volume of SMEs financing in Egypt to hit $ 600 m by end of 2022

31 / 10 / 2022

By Marwa Nassar - -

Chief Executive Officer of Endeavor Egypt Amr El Abd expected the volume of small and medium-sized enterprises (SMEs) financing in Egypt would double to stand at $ 600 million by the end of 2022.

He said the current SMEs financing in Egypt recorded $ 300 million, noting that there are about 37 companies, mostly technological firms, with 80 percent of them are foreign investments.

El Abd noted that Endeavor company offers technical support for SMEs and helps them to expand, highlighting that SMEs are vital for creating jobs and competitiveness.

He highlighted that Egypt, Saudi Arabia and the UAE are the most important countries in the SMEs sector.

He added that Egypt has six business accelerators through which internationally-competitive companies came out during one year and half and realized a great leap in the SMEs sector.

He made the remarks on Monday during a session – under the theme of how small and medium-sized (SMEs) can benefit from direct investments – which was held within the framework of the first Egypt Business Solutions Summit.