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Al Ahram Newspaper (English)
17/12/2008

Workshop on the new tools of finance

SME represent 95% from the total enterprises in Egypt

GAFI had organized a workshop on the new tools for finance of SME in cooperation with the Egyptian Banking Institute(EBI)

In the conference it was discussed that finance is the most important obstacle that SME face.

Nevine El Shafie the vice president of GAFI clarified that SME represent about 95% of total enterprises in Egypt and provide jobs for more than 75% of work force (without the agriculture sector) , she added that GAFI had taken a lot of procedures to promote the growth rate in different industrial sectors in Egypt , GAFI had issued a manual on the leasing as a tool of medium & long term finance .

Dr. Samir Radwan the consultant of the president of GAFI said that GAFI had a strategy for small & medium investment as the way to promote the whole economy , this strategy does not include partial solutions but its aim is to make the small & medium investment the target for the youth.

He added that the international crises will lead to a total change in the world operational structure from the industrial countries to the developing countries which is an opportunity for Egypt to attract international investment which will provide new technology, for example cars industry he thinks that a big part of it will be transferred to the developing countries.

Ola El Khawaga the vice president of EBI announced that a new unit was established in the institute specialized in providing technical support and training to SME , she added that there will be cooperation with GAFI in the aim to define all the tools of finance available to investors .

Ahmed Shaheen the vice president of one of the factoring companies in the Egyptian market clarified that the company cover 100% of the value of the invoice and provide finance up to 90% from its value , he added that there is about 1000 factoring located in 70 countries with a total turnover of 1.3 trillion Euro.