New institution to finance small and medium enterprises to be set up

The Board of the Social Fund for Development (SFD) in Egypt agreed yesterday to create an institution affiliated to the Fund to be in charge of financing small and medium enterprises (SMEs).

The institution would work in cooperation with the Post Authority, a number of banks and Egyptian and Arab businessmen.

The Secretary-General of other SFD, Hani Seif Al-Nasr, said that Prime Minister Ahmed Nazif presided over the SFD's board which decided to finalize a national strategy for SMEs by 2006.

He added that Egypt will be the first country in the Middle East to implement a clear strategy in support of this sector.