MSMEDA inks MoU with EGPC, EGAS to back MSMEs
Updated 6/19/2023 3:04:00 PM
Arab Finance: Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) has signed a memorandum of understanding (MoU) with the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) to support micro, small, and medium-sized enterprises (MSMEs), as per a statement on June 19th.
The MoU aims to offer MSMEs better opportunities to ramp up local production, provide production inputs, boost the competitiveness of the Egyptian exports via expanding across compressed natural gas (CNG) fueling stations and centers of converting cars to run on dual fuels.
The signing comes within the framework of the country’s plans to set up small and medium-sized enterprises (SMEs) and create job opportunities for the youth, Minister of petroleum and Mineral Resources Tarek El Molla noted.
On the other hand, the Egyptian International Gas Technology (GASTEC), CARGAS, and MSMEDA have signed two contracts on the ninth stage of the project covering the conversion of 8,500 cars to run on natural gas by each company for EGP 100 million each.
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