The Social Fund for Development (SFD) will be eliminated and replaced with an authority for the development of small- and medium-sized enterprises (SMEs), recently approved by the cabinet, according to a governmental source.
“The authority will replace the SFD and all agencies of the Ministry of Industry and Trade concerned with SMEs,” the source added. The restructuring plan of the SFD will take place before its merger into the new authority next week, without affecting its employees.
The new authority’s board of trustees will be announced by January 2017, headed by the prime minister and concerned ministers, in order to set the work plans and policies which will eliminate ambivalence and achieve integration between all SME-related authorities.
Sources expect that Soha Soliman, managing director of the SFD, would join the board of trustees, given her experience.
The cabinet approved on Thursday the establishment of a new authority to develop SMEs. It will handle deciding and studying the strategic policies and plans of financing SMEs, and coordinate with non-governmental organisations and governmental agencies to support micro-enterprises and entrepreneurship.
