By Mahmoud Hammad
Executive Director Osama Al-Qsas in an exclusive interview with MEO: 200 projects were financed last September almost 2800 clients benefited from the funding” “Sinai businessmen & Social Fund for Development are the main sources of financing in Sinai”
Eng. Osama Al-Qsas, the Executive Director of Small-and Medium-sized Enterprises (SMEs) and the Secretary General of the Egyptian Businessmen’s Association in North Sinai governorate, said, “Almost 200 small-sized enterprises were supported and financed in North Sinai governorate last September”; Al-Qsas said in an exclusive interview with MEO, “During the current period, investors do not hesitate to obtain funding from the Social Fund for Development, which only provides financial support, and the Egyptian Businessmen’s Association (EBA), which provides financial and technical support. They are the major sources of funding in North Sinai governorate”.
Would you tell us about the current SMEs in Northern Sinai governorate?
The EBA has provided support for nearly 200 or more small-sized enterprises in last September. The support was provided to investors who aspire to renew their funding, investors who aspire to increase their funding and those who have access to funding for the first time.
The EBA has also granted funding of L.E. 650 thousand to investors who had access to funding for the first time during September. There are nearly 130 new small business investors in service, commercial and industrial sectors.
This means that the finance is already in place, what is the value of financing provided to small and micro-sized enterprises over the past period?
Yes, the finance is already in place in North Sinai governorate. The value of financing provided to small and micro-sized enterprises is nearly EGP 11 million during 18-month period.
What are the sources of financing in Sinai?
The financing for small-sized enterprises in North Sinai Governorate is provided by the Social Fund for Development, which only provides financial support, and the EBA, which provides financial and technical support, making it closer to the owners of small-sized enterprises.
What are the EBA’s financing programmes?
The EBA in North Sinai manages two programmes, which are small-and micro-sized enterprise financing programme and micro-sized enterprise financing programme dedicated to women entrepreneurs. For these programmes, the association has received an award for the best Arab institution and Egypt’s best micro-sized enterprise in many competitions.
How many clients have benefited from small-sized enterprise financing programme?
Small-sized enterprise financing programme includes 3500 clients and its total portfolio, which the association has managed for 10 years from the beginning of its activity, amounted to EGP. 95 million. In addition, loans are also granted.
Are investors reluctant when it comes to obtaining funding?
No, the investors are not reluctant to embark on small businesses during the current period. We have a specialized work team which includes 65 employees who are responsible for marketing ; they go to places where the clients can be found in Beir Al-Abd or Al-Arish and many villages as well as residential areas. The association has provided financing to a resident in almost all residential areas in North Sinai.
What is the EBA’s strategy to support small-sized enterprises and its growth?
The EBA focuses on reaching clients; it does not wait for its clients to come to it. This approach has made a leap in growth of small businesses in North Sinai. We also meet clients on a daily basis in order to grant loans or pay their instalments and thus the association is frequented by clients daily.
The EBA in North Sinai holds training sessions for clients on how to prepare feasibility studies and project calculations and helps them to market their products.
Does the EBA provide funding for agricultural projects?
No, the EBA does not provide funding for agricultural or animal projects because policy of its financing programme are not designed for these projects. We also provide financial and technical support for the owners of small-and micro-sized enterprises in the region and they are concentrated in Beir Al-Abd and Al-Arish city.
