I wrote – Manal Al-Masry:
The Visa Foundation, a subsidiary of Visa, announced the allocation of $250,000 in funding to support small and micro companies in Egypt, according to a statement issued to it yesterday, Wednesday.
The Foundation explained that this funding is to provide grants to provide support services, training and financing for small and micro companies from a comprehensive and gender-diverse perspective.
She said the funding will be given to the Education for Employment Foundation, which was established in 2007 to give youth a brighter future for youth and help companies find employees with the skills needed for the right sectors.
Education for Employment received funding to contribute to achieving inclusive economic growth by providing jobs and entrepreneurship training for Egyptian women, according to the statement.
The Foundation stated that this funding is part of the Visa Foundation’s “Equitable Access” initiative, a funding commitment of $200 million announced in April 2020 to meet the long-term needs of small and micro businesses with an emphasis on promoting women’s economic development. This is vital to achieving a long-term economic recovery from the Corona pandemic.
“Small and micro businesses are the backbone of the economy. It is necessary to provide the owners of these companies and entrepreneurs with the resources, knowledge and skills that support the rebuilding or launch of a stronger business in the current circumstances,” said Malak Al Baba, Visa’s regional director in Egypt.
She added, “We at Visa are proud of the funding we provide to other institutions such as (Education for Employment) to meet the needs and remove financing obstacles faced by small and micro companies in Egypt, thus helping to build stronger societies that achieve prosperity for all.”
The statement referred to the World Bank’s estimates that small and micro companies represent more than 90% of the total global companies, and about 60% of the global employment pace.
He explained that there is an annual credit deficit of about $300 billion in financing provided to small and micro companies run by women worldwide, amid expectations of an increase in this deficit as a result of the impact of the Corona pandemic on the economy at present.
Graham Macmillan, Chairman of the Board of Directors of the Visa Foundation, said: “Now, compared to before, efficient access to resources and capital is essential for small and micro businesses to maintain sustainability and growth. more comprehensive.”
Visa works to empower the owners of these companies and entrepreneurs, providing them with knowledge, skills, and access to Visa’s financial networks and financial services that improve ways of economic life, which ultimately leads to a multiplier effect that resonates within communities, according to the statement.