MSMEDA
CEO of MSMEDA, Bassel Rahmy, shared the agency's ambitious plans for 2025, including a proposal to double the funding for MSMEs
During the opening of the Turathna Exhibition 2024, a Memorandum of Understanding (MoU) was signed between the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), Legacy Development and Management (Legacy), a subsidiary of Hassan Allam Holding and operator of the Grand Egyptian Museum (GEM), and MUSEEUM Business Consulting Company, operator of the Official Grand Egyptian Museum Shop.
This increased investment by MSMEDA is expected to enhance local production capabilities, support export growth, and contribute to a stronger national industry in Egypt.
Emad stated that MSMEDA had previously disbursed $50 million from the World Bank as the first phase of the venture capital program.
MSMEDA is currently working with various state institutions to implement the Small Enterprise Development Law
Rahmy highlighted the agency’s joint initiative with JICA, which will span two years.
Furthermore, he clarified that this contract will be advantageous to a wide range of sectors, including commerce, services, agriculture, and manufacturing projects.
Rahmy further highlighted that MSMEDA provided an additional LE 141 million in grants for various initiatives such as infrastructure projects, community development, and training during the same period.
Rahmy highlighted that MSMEDA organized a total of 138 exhibitions, attracting nearly 3,400 exhibitors and generating sales and contract revenues amounting to EGP 270.8 million
MSMEDA also pumped LE 1.8 billion to enhance the automotive feeding and supply chain industries, according to its CEO.
Rahmy highlighted that MSMEDA has already injected more than LE 805 million into Damietta Governorate between 2014 and 2023
Rahmi emphasized that this initiative aligns with the state's strategy to develop and rebuild Sinai, while also creating a favorable business environment for the growth of small-scale projects.
The service platform will incorporate all authorities offering financial and technical assistance to SMEs including banks, non-profit organizations, and government bodies. The platform is set to be officially launched within the next 3 months.
The new signed contracts aim to provide about 14,000 job opportunities for irregular workers, and benefit about 50,000 residents in these areas, Basil Rahmi, CEO of the MSMEDA, said.
The MSMEDA added that the youth in the Upper Egyptian governorates got more than 50 percent of the total funding directed to the micro and small enterprises sector.
Hussein added in a statement on Monday, said that these projects provided 3,609 job opportunities.
The move comes as part of the government's plan to move toward a digital economy and attain the Sustainable Development Goals (SDGs) in line with Egypt's Vision 2030.
Rahmi added that these funds contributed to establishing and expanding the activity of about 222,000 projects, and providing more than 367,000 job opportunities.
The MSMEDA takes part in implementing the "Decent Life" presidential initiative, he said, adding that he chairs the economic development committee, which is tasked with coordinating with the various state bodies to create a climate conducive to expanding the establishment of small and medium-sized enterprises (SMEs).
Abdel Kader pointed out that this comes within the framework of cooperation between the Ministry of Finance and the Authority with the MSMEDA to facilitate the owners of medium, small and micro enterprises to register at the tax authority.
