Minister of Investment and International Cooperation: Two Agreements Support Small Investors, Entrepreneurship, Micro-Scale Projects, Workers at the Participatory Transport, and Healthcare Sectors
Dr. Marzban: Two Agreements Come within the Framework of "Fekretak Sherketak" (Your Idea is Your Company) Program Launched by the Ministry to Support Entrepreneurship in All Sectors... Eng. Hassan Al Attas: Two Agreements Help Youth to Implement their Innovative Projects among which the Participatory Transport, which Contribute to Job Creation
The Minister of Investment and International Cooperation, Dr. Sahar Nasr signed two investment agreements worth EGP 250 million with the Saudi Grant Committee to contribute to financing start-ups, entrepreneurship and micro-scale projects, as well as supporting workers at the participatory transport and healthcare sectors. The agreements came within the framework of "Fekretak Sherketak" (your idea is your company) program, with the cooperation of the Saudi Fund for Development (SFD). They were signed in the presence of the Chairman of the Financial Regulatory Authority (FRA), Dr. Mohammed Omran, the Chairman of the Egyptian Stock Exchange (EGX), Mr. Mohamed Farid, the Chairman of the Economic Committee at the House of Representatives Mr. Amr Ghalab, GAFI's Vice-CEO, Mr. Mohamed Abdel Wahab, and the Vice Chairman of EGX, Mr. Mohsen Adel.
The Minister signed the first agreement, worth EGP 100 million, with the Head of the Egyptian side of the Saudi Grant Committee, Dr. Shehab Marzban, and the Head of the Saudi side of the Grant Committee, Eng. Hassan Al-Attas, along with Mr. Hazem Moussa and Mr. Saeed Zaatar, the board members of "Plus" for Financial Leasing, a company affiliated to "Sarwa Capital". Moreover, the Minister signed the second agreement, worth EGP 150 million, with Eng. Hassan Al Attas, along with the CEO of "EFG-Hermes" Leasing, Mr. Ahmed El-Kholy, "EFG-Hermes" Leasing Chief Financial Officer, Mr. Talal Al-Ayat, and Ms. Fatma Lotfy, a board member at "EFG-Hermes" Leasing.
The Minister mentioned that these two agreements manifest the application of the Investment Law and its stipulation of supporting small investors and entrepreneurship, in addition to supporting the non-banking financial sector in the financial leasing sector. Dr. Nasr indicated that the two agreements are geared towards financing SMEs and small investors in order to create job opportunities where the beneficiaries of these agreements are the start-ups. They also seek supporting healthcare sector with the aim of equipping clinics and laboratories, supporting workers at the participatory transport sector, as well as financing solar power plants of small factories.
Dr. Nasr declared that the Ministry would cooperate with Egypt's partners of development and the private sector to enhance entrepreneurs and provide them with full support, which is not limited to financing, but also includes technical training. She asserted that these two agreements are from among the models linking investment with international cooperation via grants and investments. Moreover, the Minister thanked (SFD) for its support to the small investors in Egypt.
The Minister's Senior Advisor for Economic Affairs and the Chairman of "Egypt Ventures", Dr. Shehab Marzban, mentioned that this program comes within a USD 200 million grant from (SFD). He added that the agreement signed with "Plus" Leasing is for providing financial leasing services to micro-scale projects where the beneficiaries of this agreement are the workers at the participatory transport sector. For the other agreement, signed with "EFG-Hermes" Leasing, it targets health care and micro-scale projects. He stated that these agreements come within the framework of "Fekretak Sherketak" program launched by the Ministry to support entrepreneurship in all sectors.
The head of the Saudi side of the Saudi Grant Committee, Eng. Hassan Al-Attas mentioned that these two agreements help youth to implement their innovative projects, among which is the participatory transport, that contribute to creating job opportunities. All comes within the support provided by the Saudi government to Egypt through (SFD).
"The agreement comes in support of the company's policy of increasing the SMEs financing in the portfolio and activating the cooperation agreements with many suppliers in the renewable energy and healthcare sectors, in addition to the implementation of the company's geographic expansion plan in many targeted governorates ", the CEO of "EFG-Hermes" Leasing, Ahmed Al-Kholy said.
Al-Kholy added, "the financing amount of EGP 150 million gives a boost to increase the percentage of SMEs in the portfolio from 8% to 20% by the end of 2018. In addition, such amount will increase the customers' base, which naturally leads to a better distribution of risks in the company's portfolio. Moreover, this agreement complements the company's plan to diversify sources of financing to meet the market requirements, contributing to the increase of flexibility in providing innovative financing methods at an affordable cost".
"Our participation in the Ministry of Investment and International Cooperation "MIIC" initiative with the Saudi Grant Committee is a part of our programs to finance the participatory transport activities and our quest towards reaching ways and sources of financing that will reduce the burden on car buyers. Thus increasing their monthly income and raising their standard of living", the CEO of "Sarwa Capital", Hazem Moussa said.
"At Sarwa Capital", he added, "we recognize the importance of laying out innovative financial solutions to meet customer's need. Here comes our cooperation with the private car booking service providers through smartphones application, the first of which is the “Your Car, Your Project” Program with "Careem" Company that is specifically tailored to meet the needs of "Careem" Captains, offering them the opportunity to fully benefit from their work with "Careem". Such program allows "Careem" Captains to pay their car installments through "Careem" app, thus creating job opportunities. We aim, through our participation in this initiative, at expanding the service, so that a greater number of service providers in the participatory transport companies will benefit from such program".