SFD Establishes Strategic Partnership with Tahya Misr Fund
Executive Director of Tahya Misr (Long Live Egypt) National Fund Mr. Mohamed Ashmawy and SFD Managing Director Ms. Soha Soliman signed a cooperation agreement to boost micro and small enterprise (MSE) sector in Egypt.
Mr. Ashmawy said Tahya Misr Fund provides finance required by many national projects pertaining to the establishment and promotion of MSEs in partnership with SFD building on the SFD accumulative experience with regard to MSEs development. He added the assistance of the SFD qualified cadres, its far-reaching network of regional offices and its applied financial rules and regulations as well will be sought to develop such enterprises, while Tahya Misr Fund will, in turn, identify the kinds of enterprises it needs to fund through SFD and follow up all the ensuing executive steps to be taken.
During the signing ceremony of the cooperation agreement, both sides also concluded a memorandum of understanding to implement the "cab project" as an initial step to bilateral cooperation according to which Tahya Misr Fund shall allocate finance for 1000 cabs in the governorates it has identified and need the development of this service. These are Fayoum, Assuit, Menoufia, the 10th of Ramadan City in Sharqia, Damietta, Kafr El Sheikh, Qena and Luxor. Meanwhile, SFD will handle the project implementation through its regional offices covering these governorates. Furthermore, a set of relevant integrated services will be offered to the youth: life insurance, cab insurance and medical insurance service through the Ministry of Health.
Within this context, Ms. Soha Soliman said this agreement indeed incarnates a fruitful cooperation with Tahya Misr Fund that is established by Egyptian resources to support the national economy and improve living conditions for the most vulnerable groups. Ms. Soliman pointed out that SFD will share all its know-how and capacities with Tahya Misr Fund to serve joint projects and will likewise offer all forms of assistance for the national projects to be identified by Tahya Misr Fund to develop MSEs particularly in the areas of services, industry and agriculture. She added that SFD will provide a package of technical and non-financial services for such engaged entrepreneurs.