The CEO of Egypt’s Micro, Small, and Medium Enterprise Development Agency (MSMEDA), Mrs. Nevine Gamea, has signed a Memorandum of Understanding (MoU) with Magdy Ghazy, head of the Industrial Development Authority (IDA), to cooperate and coordinate the management and construction of industrial parks in 12 governorates.
Aim of the industrial parks development
The main objective of the agreement is to support small enterprises and encourage young people to establish industrial projects in these zones.
Upon completion, these complexes will provide distinct investment opportunities for those wishing to set up new industrial projects or develop their existing projects, whether young graduates or entrepreneurs, who have experience, owners of existing projects and willing to expand, or professionals and technicians of both genders.
The role of MSMEDA and IDA in the project
MSMEDA will coordinate with the IDA on receiving rent or ownership requests from young people and experienced citizens wishing to rent or buy one or more units that will be offered for sale through the IDA offices. MSMEDA’s CEO pointed out that the sale will be announced in succession in the media and the website of the agency, determining the target conditions for each complex and the type of industrial activities appropriate to each zone.
Gamea pointed out that her agency will provide the necessary financing to the owners or tenants of these units, for the implementation of small industrial projects, upon completion of all construction and allocation procedures and licenses necessary for launching activities. The financing will be done through specialized financing programmes, with the provision of a package of non-financial services, such as marketing, training, and exhibition services.
On the other hand, IDA will promote projects within the industrial parks mentioned in the MoU, and will issue all licenses, approvals, and permits for the practice of activity for the projects operating in industrial zones.
Mr. Magdy said that his authority will also work to overcome all the obstacles facing the beneficiaries who have obtained these industrial units, whether ownership or lease to ensure the continuation of their projects.