Plan underway to double funding for youth-led projects in Alexandria: MSMEDA chief
Rahmy's remarks came in celebration of Alexandria's National Day, where he highlighted the agency's focus on widening access to finance for both existing project owners and young entrepreneurs hoping to launch new ventures. He also emphasised MSMEDA's efforts to equip project owners with the technical support they need to ensure long-term stability and growth. He added that the agency will continue prioritising industrial and productive projects, working hand in hand with the Alexandria governorate to provide all necessary financial and technical backing to the city's industrial zones.
Moreover, Rahmy explained that MSMEDA's strategic approach in the governorate aims to offer more financial and non-financial incentives and support, as stipulated in Law No. 152/2020 on enterprise development. The goal is to empower Alexandria's youth to fully capitalise on these services, start projects across various sectors, and seize promising investment opportunities in the area. He also noted the advantages provided by Law No. 6/2025, which grants several tax facilitations to project owners.
The agency head also pointed to MSMEDA's active role in forging agreements with key partners across Alexandria, including the iconic Bibliotheca Alexandrina. The agency signed a cooperation agreement with the library last year to enhance collaboration and share knowledge and technical expertise, with the aim of advancing common goals—particularly in economic empowerment of women and promoting an entrepreneurial mindset among youth.
Rahmy added that MSMEDA succeeded in channelling EGP 2.2bn into Alexandria between July 2014 and May 2025, funding 51,000 projects and generating over 110,000 diverse job opportunities. He also revealed that EGP 102m of this amount was allocated to infrastructure, community development and training projects, creating 718,000 workdays for irregular labourers.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily News Egypt
an hour ago
- Daily News Egypt
Egypt's SCZone reports $8.6bn in new contracts since mid-2022
Egypt's Suez Canal Economic Zone (SCZone) has secured contracts worth $8.6bn for 297 industrial, service, logistics, and port projects since the start of the 2022/2023 fiscal year, its chairman said on Monday. In a meeting with Prime Minister Mostafa Madbouly, SCZone Chairman Waleid Gamal El-Dein said the authority's promotional efforts had attracted $7.09bn in actual contracts for 286 industrial, service, and logistics projects up to June 2025. An additional $1.5bn in contracts were signed for 11 seaport projects. Gamal El-Dein also reported on the results of his recent promotional visit to several Chinese provinces from July 21-25. He said the visit resulted in the signing of six contracts with various investors for new industrial projects in the clothing and textile sector, valued at $117.5m. The SCZone chairman reviewed the authority's financial position, noting that actual revenues for the 2024/2025 fiscal year reached EGP 11.425bn, with a surplus of EGP 8.487bn for the same period. He also detailed the progress of various projects within the zone. In the Sokhna industrial area, the authority has attracted international companies for projects in new energy, electronics, pharmaceuticals, and automotive components. In the Qantara West industrial zone, 31 projects have been implemented on an area of 2 million square metres, with a total investment cost of $799m, providing 45,000 jobs. Gamal El-Dein also discussed investments in the East Ismailia industrial zone (Technology Valley), which aims to create a new urban community based on high-tech industries. The authority is targeting projects in technology, semiconductors, electronic devices, solar cells, and vocational training centres. He added that the SCZone has successfully attracted new foreign investments of $43m in the silica mining and modern building materials industries in this area.
Al-Ahram Weekly
6 hours ago
- Al-Ahram Weekly
Egypt PM says recent economic crisis over, calls for price cuts - Society
Prime Minister Mostafa Madbouly said on Tuesday that Egypt has overcome its recent economic crisis, calling for a tangible drop in commodity prices. 'All indicators of Egypt's economic performance are positive, but the current prices of goods do not align at all with this improvement,' Madbouly said at a meeting with merchants and manufacturers in New Alamein City. He urged identifying causes that will lead to a downward trajectory in prices. 'Just as prices rose in previous periods due to the challenges we faced, they must now decline,' a cabinet statement quoted Madbouly as saying. He underlined the government's efforts to ensure the availability of various goods and production inputs for factories. 'We have succeeded in achieving this through full stability and a commitment from the banking system to provide all the foreign currency requirements for imports over the recent period,' he said. Madbouly stressed that citizens now need to see a genuine drop in commodity prices, particularly given the recent strengthening of the Egyptian pound against the US dollar. The Egyptian pound has seen a modest appreciation against the US dollar, with the official exchange rate falling below EGP 49 for the first time since late October 2024, nearly nine months ago. Since early 2022, Egypt has faced prolonged economic pressures, including a foreign currency shortage that drove up prices of most goods, particularly food. In response, the government began implementing measures to boost US dollar liquidity in the domestic market, aiming to release goods stockpiled at ports and restore market stability amid soaring inflation. Madbouly instructed the President of the Federation of Egyptian Chambers of Commerce to convene the heads of all commercial chambers and agree on genuine price reductions across a range of goods. Follow us on: Facebook Instagram Whatsapp Short link:
Daily News Egypt
7 hours ago
- Daily News Egypt
Finance Ministry plans EGP 670bn in T-bill, bond issuances for August
The Ministry of Finance has announced plans to issue a total of 32 tenders for treasury bills and bonds, amounting to EGP 670bn in August. Of this, EGP 580bn will be allocated to treasury bills, while EGP 90bn will be dedicated to bonds. This issuance is part of the government's broader strategy to raise EGP 2.358tn in local debt instruments during the first quarter (Q1) of fiscal year 2025/2026. The funds will be used primarily to repay maturing debt and address the state's budget deficit. The Central Bank of Egypt (CBE), which handles these debt issuances on behalf of the government, will offer four 91-day treasury bill tenders totaling EGP 90bn. Additionally, there will be four 182-day bills worth EGP 150bn, four 273-day bills valued at EGP 150bn, and four 364-day bills amounting to EGP 190bn. For bonds, the offerings will include four two-year bonds with a total value of EGP 24bn, four three-year bonds amounting to EGP 50bn, and two three-year floating-rate bonds worth EGP 10bn. There will also be four five-year bonds totaling EGP 3bn, along with two more five-year floating-rate bonds, each worth EGP 3bn. Egypt's banks, which remain the largest investors in these debt instruments, are expected to purchase the majority of the offerings through the Primary Dealers system. These banks will then resell portions of the debt on the secondary market to both local and foreign investors, further broadening the reach of the issuances. This upcoming wave of treasury bill and bond tenders plays a crucial role in the government's ongoing efforts to manage its public debt and meet its fiscal obligations.
