Cabinet approves 2 decisions on developing SMEs, creating jobs for youths

CAIRO - 15 July 2020: The cabinet approved Wednesday two decisions on shoring up the Small and medium-sized enterprises (SMEs) and creating new jobs for the youths. 

On SMEs, the cabinet approved a $95 million financial agreement, signed on June 2, 2020 between the Egyptian government and the OPEC Fund for International Development, aimed at supporting the third phase of a project aiming at developing SMEs. 

The third phase of the project targets enhancing social and economic growth rates for the Egyptians through creating jobs, easing the access to finances for the poor, especially among women and youths. 

Also, the cabinet approved a bill concerning mutual letters between Egyptian and Spanish governments concerning a €150,000 grant, to be channeled to finance a project for creating jobs for youths through training and establishing startups for the Sports and Youths Ministry.