Cairo: Today the United States Embassy, in cooperation with the Ministry of Industry, Trade and SME’s, celebrated the end of a four-year USAID project to help small and medium-size Egyptian companies increase exports and become more energy efficient.
At the celebration, the United States Agency for International Development (USAID) announced that the program had increased Egyptian companies’ export revenue by $17 million.
“The United States is committed to Egypt’s inclusive economic growth and continued prosperity,” said Sherry F. Carlin, USAID Mission Director in Egypt. “We believe one of the surest ways to promote economic growth is to encourage trade, especially among micro, small, and medium-sizedEgyptian companies, since they are so important for the country’s economy.”
Nearly 130 participants from Egyptian public and private sector organizations, including representatives from the Ministry of Industry, Trade and SMEs, attended today’s event to celebrate successes and lessons learned from USAID’s Trade Facilitation Project, scheduled to close in July 2015.
Since 2011, USAID has worked with the public and private sectors to create better conditions for trade and investment in Egypt, including programs to make external trade more efficient and consistent with international standards.
USAID plans to begin a number of new programs supporting small and medium-size Egyptian enterprises later in 2015 and 2016.
This initiative is one component of a package of assistance from the American people that promotes job creation, economic recovery, private sector business growth, and a stronger trade and investment environment.
Over the past four years, USAID activities have led to new or better full-time employment for over 40,000 people and short-term jobs for more than another 20,000. These projects are part of the nearly $30 billion that the American people, through USAID, have invested in Egypt since 1975.