Niven Gamea, CEO of the Micro, Small, and Medium Enterprises Development Agency (SMEDA), and Yasser Al Baroudi, head of the Administrative Services Sector in the New Administrative Capital Company, signed a memorandum of understanding (MoU) to establish a branch of the SMEDA in the New Administrative Capital to provide all the financial and non-financial services provided by the SMEDA to the youth projects to be established in the capital.
Gamea said that the MoU aims to encourage young people to enter the field of free labour by providing all services in the new branch, including funding, and technical support and training for youth wishing to establish SMEs.
She confirmed that the agency will also provide the necessary funding for the owners of projects in industrial complexes and services area in the administrative capital immediately after its establishment. It will also coordinate with the Industrial Development Authority (IDA) to obtain the necessary licenses in addition to financing the commercial, industrial, and service projects to be provided by the New Administrative Capital Company.
She added that the agency will assist customers applying for funding from the SMEDA to obtain legal paperwork through the one-stop shop in the branch. In addition, it will also provide a package of non-financial services available to the agency, such as technical and marketing support and training of youth, along with setting up periodic exhibitions to display the products of distinguished clients and help them participate in foreign exhibitions.
For his part, Yasser Al Baroudi said that the New Administrative Capital Company will carry out a package of projects for young people in the field of waste recycling, internal transport, a centre for handicraft industries, as well as a fast food project with full funding and support from the SMEDA and in accordance with the financing requirements.