MSMEDA provides EGP 11.9bn in funding for 574,349 small, micro projects in northern Upper Egypt

Daily News Egypt

20-03-2025

Basil Rahmy, CEO of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), announced that from July 2014 to December 2024, the agency has allocated EGP 11.9bn to support 574,349 small and micro enterprises, as well as infrastructure and community development projects, across the northern Upper Egypt governorates of Minya, Fayoum, and Beni Suef.
He highlighted that these projects have created 826,300 permanent job opportunities for residents of these governorates, in addition to millions of temporary employment opportunities for informal workers. This has significantly contributed to improving living standards and fostering sustainable employment in the region. Rahmy noted that Minya governorate received the largest share of funding among the northern Upper Egypt governorates.
Rahmy emphasized MSMEDA's commitment to driving economic and social development in Upper Egypt, aligning with the state's strategic objectives. He underscored the importance of maximizing the region's natural and human resources to enhance economic conditions for citizens and increase their contribution to national economic growth. His statements came as Minya, Fayoum, and Beni Suef celebrate their national holidays this March.
He further explained that MSMEDA works closely with all relevant state institutions and governorates to provide financial support, technical assistance, and advisory services to entrepreneurs—particularly young people—helping them establish new businesses or expand existing ones.
Additionally, over the past decade, the agency has successfully secured funding through international development partnerships for infrastructure projects in Minya, Beni Suef, and Fayoum. These projects have generated 7.9 million workdays. Rahmy emphasized that project selection is based on local needs and coordinated with the governorates, with a strong preference for labor-intensive execution over reliance on machinery. This approach ensures the creation of thousands of job opportunities for informal workers, further bolstering employment in the region.
Regarding regulatory support, Rahmy noted that MSMEDA has facilitated the issuance of approximately 21,000 licenses for small enterprises, aiding the transition of informal businesses into the formal economy. Additionally, more than 15,000 classification and benefits certificates have been granted, enabling businesses to take advantage of incentives provided under the Small Enterprise Development Law 152/2020.
Rahmy concluded by affirming that MSMEDA remains committed to fostering economic growth and empowering young entrepreneurs and women. He reiterated the agency's dedication to supporting small and micro enterprises and contributing to sustainable development efforts in northern Upper Egypt.