EGP 920m invested in 31,000 youth projects in Damietta over 9 months: MSMEDA CEO

Daily News Egypt

10-05-2025

Bassel Rahmy, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), announced that nearly EGP 920m has been invested in youth-led projects across Damietta from July 2014 to March 2025. The funding supported the establishment and growth of approximately 31,000 micro, small, and medium enterprises, creating around 70,000 job opportunities. In addition, MSMEDA-backed infrastructure, community development, and training projects have generated 29,000 workdays for irregular laborers, laying the groundwork for further small business development.
Rahmy emphasized Damietta's strategic industrial importance as one of the world's top centers for furniture and wood product manufacturing. He reiterated MSMEDA's commitment to providing comprehensive financial and technical services to support MSMEs in the governorate.
He also praised the strong support of the Egyptian government and Prime Minister Mostafa Madbouly—who also chairs MSMEDA's board—for their commitment to bolstering existing businesses, expanding funding for new ventures, and fostering an environment conducive to private investment. These efforts aim to create decent and sustainable job opportunities for youth in Damietta and boost the contribution of local industries to economic development, whether for domestic needs or export markets.
Speaking during Damietta's National Day celebrations, Rahmy noted that MSMEDA works actively to streamline access to services for both aspiring and existing entrepreneurs. Through its one-stop shop model, the agency has facilitated legal and administrative formalization for thousands of businesses in the governorate.
Between July 2014 and March 2025, MSMEDA issued 1,492 temporary licenses for new businesses, along with 1,128 final operating licenses. The agency also processed 431 status adjustment permits and 146 final adjustment licenses for businesses seeking compliance under updated regulations. Additionally, it issued 371 tax cards and 571 commercial registrations, enabling entrepreneurs to begin operating formally. Social insurance coverage was secured for 336 businesses, while 1,121 classification certificates and 1,117 incentive eligibility certificates were also granted under the MSME support framework.
Rahmy highlighted MSMEDA's ongoing partnership with the Damietta Governorate to organize the 'Made in Damietta' furniture exhibition, held multiple times each year in Cairo. Since its launch in 2016, the expo has achieved sales in the tens ofms of Egyptian pounds, helping to elevate the visibility of Damietta's furniture industry and drive commercial growth in the sector.
He concluded by emphasizing MSMEDA's flexible and competitive financing options for industrial and productive projects, along with its strong institutional backing for business formalization. Entrepreneurs in Damietta are also encouraged to take advantage of incentives available under Law No. 152 of 2020, which governs the development of small and medium enterprises across Egypt.