Egypt: MSMEDA issues 130,000 licences for small enterprises over past decade
Egypt - Basil Rahmy, CEO of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), announced that between July 2014 and December 2024, the agency issued 19,804 final and temporary business regularization licences, along with 110,137 final licences for small enterprises.
These were processed through MSMEDA's one-stop-shop units, located in offices across all Egyptian governorates, to simplify the establishment and operation of businesses.
Rahmy emphasized that MSMEDA branches across Egypt continue their efforts throughout Ramadan to support micro, small, and medium enterprise (MSME) owners. The agency offers a range of initiatives designed to empower entrepreneurs, enhance their skills, and expand their market opportunities. He highlighted MSMEDA's commitment to delivering high-quality services, supported by a team of experienced professionals across its regional offices.
As part of these efforts, MSMEDA has deployed 37 business regularization committees this month through its offices in various governorates. These committees play a crucial role in facilitating the formalization of MSMEs, streamlining licensing procedures, and integrating more businesses into the formal economy. This enables business owners to benefit from the incentives provided under Law 152/2020 for small enterprise development. MSMEDA also offers technical and administrative support to entrepreneurs, guiding them through the legal processes required to obtain business licences.
In addition, MSMEDA regional offices are hosting a series of interactive seminars at Egyptian universities and technical schools this month. These sessions aim to educate students on entrepreneurship, equipping them with the skills and knowledge needed to turn their ideas into successful businesses. The agency is also actively participating in 'Ahlan Ramadan' fairs across governorates to support small enterprises.
Rahmy encouraged aspiring entrepreneurs and young business owners to take advantage of MSMEDA's entrepreneurship training programs, available through its nationwide offices. He reaffirmed the agency's commitment to providing entrepreneurs with the necessary tools and resources for success, recognizing them as key drivers of Egypt's economic growth.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
Hossam Mounir
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
10 hours ago
- Zawya
Tally MSME Honours marks the fifth year of championing MSME innovation and growth
Tally Solutions, a leading international technology provider of business management software, has announced the launch of the fifth edition of its flagship annual initiative- Tally MSME Honours. Building on the momentum of four successful years, MSME Honours continues to recognize and celebrate emerging entrepreneurs who are shaping the future of UAE's MSME ecosystem through innovation, resilience, and impact. Over the last four editions, Tally MSME Honours' has received over 27,000 nominations with over 1500 entries from businesses in the Middle East, making it one of the biggest platforms globally to celebrate MSMEs. This year, Tally expects a record-breaking 20,000 nominations, of which 10% from the Middle East. The winners will be felicitated on International MSME Day, June 27, 2025. The honours will also spotlight MSME success stories from across the GCC. With a focus on lasting impact, Tally MSME Honours goes beyond recognition to elevate and empower entrepreneurial voices. The initiative offers continued opportunities for growth and visibility, with past winners becoming part of a thriving community of changemakers. Through industry panels, business forums, and ecosystem events, they gain a platform to share their journeys, strengthen partnerships, and drive sustained impact.
Zawya
15 hours ago
- Zawya
Three economic shifts shaping the global economy
The global economy is transforming and is driven by technological innovations and financial systems. According to the World Economic Forum (WEF), three influential key trends are artificial intelligence (AI) in wage increases, the role of fintech in empowering and enabling MSMEs, and the rising importance of interoperability in digital finance. Understanding and adapting to these shifts will allow stakeholders to harness innovation, drive inclusion, and build a more robust and equitable global economy. AI is transforming businesses and recalibrating the labour market. Employees working in industries with more AI exposure are experiencing wage increases at twice the rate compared to those in less exposed sectors. Today, AI skills command a wage premium of 56% for similar positions without AI. Over the years, individuals feared and professionals predicted that the rise of Industry 4.0 would profoundly impact work and life. The skills employers seek in AI-exposed jobs are evolving 66% faster than in other occupations. Workers who adapt and acquire AI competencies are rewarded with higher salaries and better job prospects. Contrary to the fears of mass job losses, employment is also rising in automated roles. This surge in productivity translates into higher revenue per employee, which allows companies to pay higher wages. Both automated and augmented jobs are expanding faster. All industries have experienced a quadruple jump in productivity. Industries leveraging AI have also reported that revenue per employee has increased three times faster than those in AI-exposed industries. Another trend that is catching up fast is fintech, which can empower small and medium enterprises to participate in global commerce. Adopting fintech solutions enables MSMEs to conduct their financial transactions faster and at a lower cost. MSMEs can build trust with international partners as these platforms offer real-time exchange rates, transaction fees, and up-front pricing, making the process transparent and accessible. The fintech platforms can reduce settlement time and regulatory hurdles, thus freeing up working capital for MSMEs. Now, banks are participating in fintech to offer alignment to customer-centered innovative solutions. Blockchain-based solutions streamline cross-border transactions, improve security, and enable small businesses to access sophisticated financial tools previously reserved only for large corporations. Today, global trade is democratised and has empowered small businesses to compete globally by ensuring safety and making cross-border payments faster, cheaper, and more transparent. Interoperability is the foundation of modern commerce, scalable and intrusive digital financial systems that are no longer optional but have become essential for global growth and stability. Another shift witnessed in the digital finance field, which has now shifted from a nice-to-have to a must-have, is interoperability in digital finance. Interoperability in digital finance significantly transforms global regulatory compliance by embedding compliance mechanisms directly into financial systems and creating standardised frameworks for cross-border oversight. It refers to the ability of different financial systems to seamlessly communicate and exchange data, which is now a strategic necessity for the digital economy. Promotes regulatory compliance and improves efficiency as it allows for identity checks and cross-border roads to be built directly into payment flows of digital assets, which helps reduce fragmentation and aligns with public policy. It supports global cooperation and coordination as it aims to standardise instant payment systems and regulatory frameworks, ensuring that international finance is more resilient and accessible. Interoperability also underpins open banking that allows customers to share financial data securely across providers, providing innovation, competition, and economic inclusion. Interoperability enables real-time compliance monitoring functionalities for central banks and regulators. The confluence of these three trends will redefine the global economic landscape to become the backbone of a genuinely international, digital financial ecosystem. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Fintech News ME
4 days ago
- Fintech News ME
Egypt Launches Standardised Reporting Framework for Startups and Investors
Egypt's Micro, Small and Medium Enterprise Development Agency (MSMEDA), backed by World Bank, has collaborated with several venture capital firms and the US-based platform to introduce a standardised portfolio reporting framework for startups and investors across the country. Led by Foundation Ventures, the initiative includes participation from Algebra Ventures, Sawari Ventures, Shorooq Partners, Endure Capital, Camel Ventures, DenVC, LoftyInc Capital, DisrupTech Ventures, and the Climate Resilient Africa Fund. The aim is to establish common metrics, reporting timelines, and formats, addressing the longstanding issue of inconsistent data practices within Egypt's startup ecosystem. Although Egypt's startup scene has expanded significantly in recent years, inconsistent reporting standards remain a key challenge. Startups frequently contend with producing varied reports to meet different investor requirements, while venture capital firms face difficulties in assessing portfolio performance due to the absence of unified benchmarks. The initiative seeks to simplify reporting processes for both general partners (GPs) and portfolio companies through a centralised data platform designed to enhance transparency, reliability, and operational efficiency. 'We are excited about enhancing Egypt's investment attractiveness by providing the necessary transparency to encourage foreign direct investment,' said Mazen Nadim, Managing Partner at Foundation Ventures. Following a competitive selection process, was chosen to develop and operate the platform. The company is working in partnership with Egyptian GPs to tailor the system to local requirements and workflows. The platform is expected to be fully implemented by the end of the second quarter of 2025, with the first comprehensive ecosystem report anticipated by mid-2026. By introducing a unified reporting framework, the effort is expected to ease administrative burdens for startups, provide greater clarity for investors, and strengthen Egypt's position as a destination for regional and international venture capital.
