CSR Chairman: SMEs can secure jobs for 70% of youths

31 / 10 / 2022

By Marwa Nassar - -

CSR Egypt Chairman and Head of the first Egypt Business Solutions Summit Hassan Moustafa called for giving due attention to the file of small and medium-sized enterprises (SMEs) as small businesses can help secure jobs for 70 percent of youths.

He said SMEs create seven job opportunities in each 10 jobs, noting that the world needs to create about 600 million jobs by 2030.

Addressing the first Egypt Business Solutions Summit on Monday, Moustafa said despite international challenges and economic slowdown, Egypt has many investment opportunities in view of its promising youths who can realize growth at low cost.

Moustafa said SMEs came as a key catalyst for development amid ongoing national efforts to localize the Sustainable Development Goals (SDGs) with all its dimensions, including the economic dimension.

He urged giving due attention to the SMEs sector, especially with regard to financing.

Moustafa explained that the main obstacle facing SMEs lies in financing mechanisms and obtaining needed funds, highlighting that this is the role of the financial sector as a whole, whether banking or non-banking sector.

He underlined the importance of securing soft financing mechanisms for entrepreneurs.

He said the state has witnessed over the past period great interest in localizing industry, therefore it is important to offer all needed support for SMEs owners and providing facilitated financing mechanisms.

He noted that SMEs represent 90 percent of emerging economies.