The International Monetary Fund’s (IMF) board of directors has chosen Khaled Negaty, who chairs Metropolitan Consulting in Egypt, to be the chairperson of the small and medium-sized enterprises (SME) division.
Negaty previously served as vice president of the International Union for Small and Medium-Sized Enterprises in India.
The IMF is expected to begin its preliminary meetings in October, Negaty said. The fund aims to provide financial and technical support to those responsible for developing SMEs in a number of countries, including Egypt, and help them prepare strategic plans to develop this vast sector.
Negaty said that the IMF does not intend to provide financing for all these projects, but rather seeks to assist in the development, training, and restructuring of the sector.
The fund will also support struggling SMEs in Egypt through acquisitions that inject the required working capital, provided that the fund supervises their management, according to Negaty.
The IMF’s board of directors includes representatives from countries such as Germany, Brazil, India, the United States, the Netherlands, and South Africa.