The Minister of Investment and International Cooperation: The Two Agreements Are Part of "Fekrtak Sherktak" Initiative Launched by the Ministry to Support Entrepreneurship in All Sectors.
Dr. Shehab Marzban: Financing Construction Works, Buildings, Machinery, Equipment and Cars Required For the Project Is either by Direct Financial Leasing or Sale-And-Leaseback.
Eng. Hassan Al Attas: Investment Finance Will Be Granted at 5% Annual Decreasing Interest.
The Chairman of "Enmaa" Company for Financial Leasing: The Agreement Targets Youth Working in Entrepreneurship… "Hermes": Utilizing Information Technology and Smart Mobile Applications in Supporting the Participatory Transport.
On Friday 10/11/2017, Dr. Sahar Nasr, the Minister of Investment and International Cooperation, signed two agreements, with a total value of EGP 250 million, with the Saudi Grant Committee to contribute to financing entrepreneurship, small enterprises and car ownership in the participatory transport system. This came as part of efforts to implement the Investment Law and its provisions related to providing equal job opportunities and supporting entrepreneurship and the small investor. The two agreements were signed at the Ministry headquarters in Salah Salem, in the presence of GAFI’s Vice-CEO Advisor Mohammed Abdul Wahab, and representatives of Uber and Careem companies that work in the participatory transport system.
The Minister signed the first agreement, worth EGP 150 million, with Eng. Hassan Al Attas, representative of the Saudi Grant Committee and Mr. Mohamed Hani Seif Al-Nasr, Chairman of "Enmaa" Company for financial leasing, to finance entrepreneurship and small enterprises; while the second agreement, worth EGP 100 million, was signed with the Saudi Grant Committee and a subsidiary of "EFG-Hermes" for owning cars in the participatory transport system.
The Minister mentioned that these agreements lead to the implementation of the Investment Law and its provisions related to supporting the small investor and entrepreneurship, in addition to promoting the non-banking financial sector in the financial leasing sector. The Minister stated that these agreements aim to finance small enterprises and the small investor to create job opportunities, since the companies operating within the Investment and Free Zones are considered as the beneficiaries of these agreements, as well as the innovative projects, participatory transport projects and transport projects by vehicles using information technology, new and renewal energy. Dr. Nasr indicated that these agreements came as part of ''Fekretak Sherketak'' initiative launched by the Ministry to support entrepreneurship in all sectors.
Dr. Nasr declared that the Ministry will cooperate with Egypt's partners of development and the private sector to enhance entrepreneurs and provide them with full support, which is not limited to financing but also includes vocational training. She asserted that these agreements are considered from among the models linking the investment with international cooperation through grants and investments. The Minister thanked the Saudi Fund for Development (SFD) for its continued support for Egypt.
The Minister's Senior Advisor for Economic Affairs and the Chairman of Egypt Ventures, Dr. Shehab Marzeban, mentioned that this program will be financed by the (SFD) with a grant valued $200 million. This grant will finance construction works, buildings, machinery, equipment, and cars required for the project, either by the system of direct financial leasing or sale and leaseback. He stated that these agreements came within the frame of the Ministry's initiative to support youth of entrepreneurship (Fekretak Sherketak) in cooperation with the (SFD).
Hassan Al Attas, representative of the Saudi Grant Committee, mentioned that the investment finance will be granted at 5% annual decreasing interest without commissions, explaining that these agreements assist youth to implement their innovative projects.
Mr. Mohamed Hany Seif El Nasr, Chairman of "Enmaa" Company for financial leasing, said that signing this agreement is of a special nature, as it represents an important sector of society and meets the needs of youth, especially since it follows the World Youth Forum held in Sharm El Sheikh under the patronage of President Abdul Al-Fattah Al-Sisi. The agreement focuses on small enterprises, and is considered as the main method for development and for achieving the highest economic outcome in the shortest time and at the lowest cost. Moreover, He indicated that the agreement targets a group of youth working in entrepreneurship.
Mr. Tarek El Fayoumi, Managing Director of "Enmaa" Company for financial leasing, assured that in order to achieve the sustainable development of small enterprises, medium-term low-cost financing must be provided, and that will only be achieved through grants and programs provided for such enterprises; this was the reason which encouraged "Enmaa" Company to sign the agreement with the Saudi Grant Committee.
Mr. Hazem Kamel, Chief Executive Officer of Direct Investment Sector in NI Capital, said that the Arab Investment Bank, AYADY for Investment and Development, and Islamic Corporation for the Development of the Private Sector- a subsidiary of the Islamic Development Bank - are shareholders in "Enmaa" Company for financial leasing. He also cited that signing this agreement, as part of the goals of AYADY for Investment and Development, aims to focus on investment in small companies and provide the necessary funding for them.
Mr. Walid Hassouna, Chief Executive Officer of "EFG Hermes" for financing, expressed his happiness to cooperate with the Ministry of Investment and International Cooperation and the (SFD) in utilizing information technology and smart mobile applications in promoting the participatory transport, providing job opportunities for youth and supporting them in owning cars, thus contributing to support youth working in participatory transport companies, such as Uber and Careem.
Further, Mr. Ahmed Khalil, Operations Manager in Uber-Egypt, expressed his pleasure to sign an agreement that aims at financing the ownership of cars in the participatory transport system; and he pointed out the importance of this agreement in expanding the participation in this system by facilitating car ownership for youth, which contributes in creating more jobs opportunities.
Ms. Dalia Seif Al-Nasr, Government Affairs Director at Careem, stressed on the importance of this agreement in supporting the system of participatory transport, and contributing to support and finance youth in owning cars in this system.