SEGURA Consulting served as subcontractor to Chemonics on the implementation of the Egypt Competitiveness Program (ECP), a $31.7 million project funded by USAID to assist the Government of Egypt (GOE) in realizing ambitious reforms to support private sector-led economic growth. ECP planned to achieve this result through making the improved business environment more accessible to smaller businesses and those outside Cairo and Alexandria. ECP was going to complement and expand upon the Technical Assistance for Policy Reform 2 (TAPR2) and Egypt Financial Services Project (EFSP) by improving Egypt’s human resource development and the integration of business and government to support increased competitiveness, entrepreneurship, and job creation.
Supporting entrepreneurs and SMEs was crucial for the economic development, GDP growth, and job creation in Egypt. Many institutions and organizations had dedicated efforts and funds to support and promote entrepreneurs and SMEs in Egypt. Among those institutions was the General Authority for Investment (GAFI). GAFI had an initiative to sponsor a SME investment (closed-end, private equity) fund. GAFI had formed and received a license for an investment company with a paid-in capital of LE 5 million that company would sponsor three funds/portfolios totaling LE 1 Billion and assigned to three licensed fund managers. SEGURA Consulting assisted Chemonics in providing the services of an SMEs Investment Funds Expert to provide technical assistance to GAFI by developing a master plan for the SMEs investment fund to govern and manage the relations between the sponsoring company, the investors, the fund managers, the fund administration and service providers.
Regretfully the ECP project development was affected by political events in the country and closed ahead of schedule.
Client:
Chemonics | USAID/Egypt
Years:
2010-2011
Location:
Egypt
Technical Areas:
Competitiveness