Morsy: SMEs represent 90% of projects leading Egyptian economic march

Morsy: SMEs represent 90% of projects leading Egyptian economic march
بقلم Marwa Nassar - -

Mohamed Morsy, Country Head of Finance in Motion, said small and medium-sized enterprises (SMEs) are at the heart of the economy as they represent 90 percent of the number of projects that are leading the Egyptian economic drive.

Addressing the first Egypt Business Solutions Summit on Monday, he said banks have addressed the challenges besetting entrepreneurs.

He highlighted the importance of differentiating between micro, small and medium-sized projects, expounding that micro projects need different strategy and more work.

Morsy added that small projects represent a large category in Egypt, but banks deal with them as if they are medium projects, therefore it takes a long time to get needed financing.

He noted that although most of owners of small businesses pay taxes, there are many who are working under the umbrella of informal economy.

Morsy added that small businesses that work within the framework of formal economy need the support of banks and companies operating in the entrepreneurship domain in Egypt.

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