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Daily News Egypt
2 days ago
- Business
- Daily News Egypt
PM reviews MSMEDA strategy and performance, urges broader support for entrepreneurs, exporters
Prime Minister Mostafa Madbouly chaired a meeting on Sunday at the government headquarters in New Alamein City to follow up on key files and activities of the Micro, Small and Medium Enterprise Development Agency (MSMEDA). The meeting brought together Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation; Ahmed Kouchouk, Minister of Finance; Bassel Rahmy, CEO of MSMEDA; Hesham Goweid, Director General of the Banking Supervision Sector at the Central Bank of Egypt; alongside other senior officials. At the outset, Madbouly underscored the pivotal role of MSMEDA in driving growth across multiple sectors, nurturing entrepreneurship and innovation, and supporting the competitiveness of Egyptian products. He stressed the need to sustain the agency's financial strength and to advance its work in line with an integrated strategic vision. Al-Mashat outlined the ministry's coordination efforts with international financial institutions to reinforce MSMEDA's activities, while highlighting the importance of aligning the agency's exhibition initiatives with similar efforts led by other organisations to maximise impact. For his part, the Minister of Finance emphasised the importance of modernising MSMEDA's operational model to boost efficiency and extend its reach. He called for expanding partnerships with international donors to launch new programmes and initiatives, especially those centred on entrepreneurship and export support. He proposed a dedicated initiative to help exporters, which could in turn increase Egypt's export volumes and strengthen the market presence of companies with established brands. Presenting MSMEDA's recent efforts, Basel Rahmy detailed measures taken in collaboration with relevant institutions to safeguard the agency's financial sustainability. He pointed to MSMEDA's contribution in supporting traditional and heritage crafts, providing marketing consultancy for exports, and drawing on global best practices. Rahmy also highlighted institutional development steps adopted since early 2023, which have focused on improving spending efficiency by rationalising costs and boosting revenue. Regarding performance indicators, Rahmy reported that direct lending accounted for 21% of MSMEDA-financed projects in 2025, up from 11% in 2024. Financing for medium-sized projects rose sharply to 11% in 2025, compared to 3% in 2024 and just 0.2% in 2023—leading to more job creation and greater export potential. The share of financing channelled to productive sectors—including industry, agriculture, and livestock—climbed to 24% in 2025, up from 16% the previous year. Moreover, Upper Egypt continued to receive priority, with 55% of the agency's total financing directed there. Rahmy also discussed preparations for the upcoming seventh edition of the 'Torathna' (Our Heritage) exhibition, set to launch in early October, which expects around 1,200 exhibitors. Notably, at least 30% will be new participants, with representation balanced across all governorates. The exhibition also aims to increase the participation of women and projects newly integrated into the formal sector, while promoting financial inclusion. Reflecting on the 2024 edition, Rahmy noted it featured 385 exhibitors from civil society organisations, 141 exhibitors from people with disabilities, and 331 individual participants. Women represented 74% of exhibitors, and the event attracted over 150,000 visitors.
CairoScene
3 days ago
- Business
- CairoScene
MSMEDA Injects LE 2.2 Billion Into Alexandria Projects Since 2014
Egypt's enterprise agency has channelled LE 2.2 billion into Alexandria since 2014, backing micro, small, and medium-sized businesses, training programmes, and infrastructure upgrades. Jul 20, 2025 Egypt's Micro, Small and Medium Enterprises Development Agency (MSMEDA) has invested LE 2.2 billion in Alexandria since July 2014, supporting more than 51,000 projects and generating over 110,000 job opportunities. According to MSMEDA CEO Basel Rahmy, the funding included LE 102 million allocated to infrastructure, training programmes, and community development, resulting in 718,000 workdays across the governorate. The announcement came during a meeting with Alexandria Governor Ahmed Khaled to discuss strengthening industrial projects in areas such as Borg El Arab and Merghem. The agency also reviewed efforts to formalise unregistered businesses so they can benefit from new tax and regulatory incentives. These reforms include Law 6 of 2025, which introduced simplified tax rates starting at 0.4% of annual turnover, alongside exemptions from various duties to support MSME growth.
News18
5 days ago
- Business
- News18
Limitation law would apply on arbitration proceedings under MSMED Act: SC
New Delhi, Jul 17 (PTI) The Supreme Court on Thursday held the Limitation Act would be applicable to the arbitration proceedings under the 2006 law on micro, small and medium enterprises (MSMED). The law on limitation sets time limits for initiating legal cases and intends to ensure timely resolution of disputes and prevent old claims. 'We have upheld the decision of the High Court to the extent of the Limitation Act being applicable to arbitration proceedings under the MSMED Act…,"a bench comprising justices P S Narasimha and Joymalya Bagchi said. It, however, held that the Limitation Act, 1963 will not apply to conciliation proceedings between parties under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. The bench further held 'there is no legal bar in the Limitation Act, the MSMED Act…, or the legal precedents laid down by this court that proscribes conciliation with respect to time-barred debts." Justice Narasimha penning the 51-page verdict for the bench said, 'The Limitation Act does not apply to conciliation proceedings under Section 18(2) of the MSMED Act. A time-barred claim can be referred to conciliation as the expiry of the limitation period does not extinguish the right to recover the amount, including through a settlement agreement that can be arrived at through the conciliatory process." The verdict came on pleas including the one filed by M/s Sonali Power Equipments Pvt Ltd. The bench partly allowed the appeals and set aside a 2023 decision of the Bombay High Court to the extent it held that the Limitation Act applies to both conciliation and arbitration proceedings under the MSMED Act. PTI SJK SJK AMK AMK First Published: July 17, 2025, 19:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
5 days ago
- Business
- Time of India
Limitation law would apply on arbitration proceedings under MSMED Act: Supreme Court
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Supreme Court on Thursday held the Limitation Act would be applicable to the arbitration proceedings under the 2006 law on micro, small and medium enterprises (MSMED).The law on limitation sets time limits for initiating legal cases and intends to ensure timely resolution of disputes and prevent old claims."We have upheld the decision of the High Court to the extent of the Limitation Act being applicable to arbitration proceedings under the MSMED Act ...,"a bench comprising justices P S Narasimha and Joymalya Bagchi however, held that the Limitation Act, 1963 will not apply to conciliation proceedings between parties under the Micro, Small and Medium Enterprises Development (MSMED) Act, bench further held "there is no legal bar in the Limitation Act, the MSMED Act..., or the legal precedents laid down by this court that proscribes conciliation with respect to time-barred debts."Justice Narasimha penning the 51-page verdict for the bench said, "The Limitation Act does not apply to conciliation proceedings under Section 18(2) of the MSMED Act. A time-barred claim can be referred to conciliation as the expiry of the limitation period does not extinguish the right to recover the amount, including through a settlement agreement that can be arrived at through the conciliatory process."The verdict came on pleas including the one filed by M/s Sonali Power Equipments Pvt bench partly allowed the appeals and set aside a 2023 decision of the Bombay High Court to the extent it held that the Limitation Act applies to both conciliation and arbitration proceedings under the MSMED Act.
Daily News Egypt
6 days ago
- Business
- Daily News Egypt
Egypt's enterprise agency injects EGP 2.2bn into Alexandria projects
Egypt's Micro, Small and Medium Enterprises Development Agency (MSMEDA) has injected EGP 2.2bn into 51,000 projects in the governorate of Alexandria since July 2014, its chief executive said. Basel Rahmy stated that the financing, provided between July 2014 and May 2025, has created more than 110,000 jobs. Of the total funding, 102 million pounds were allocated to infrastructure, community development, and training projects, providing 718,000 workdays, he added. Rahmy's comments came during a meeting with Alexandria's Governor, Ahmed Khaled, to discuss enhancing cooperation and support for small and medium-sized enterprises (SMEs), with a focus on industrial projects in areas like Borg El Arab and Merghem. The meeting aligns with directives from Prime Minister Mostafa Madbouly to increase financial, technical, and non-financial services for citizens, particularly youth, women, and recent graduates, and to support productive clusters, Rahmy said. He emphasized the agency's commitment to expanding access to financing for both existing and new projects, especiallyin the productive and industrial sectors, due to their importance to the national economy. Rahmy also noted the agency's efforts to educate project owners about supportive laws, including Law 6 of 2025, which offers significant tax benefits. These include a simplified tax rate starting at 0.4% of annual turnover for projects up to half a million pounds, rising to 1.5% for turnover between 10 million and 20 million pounds, along with exemptions from various other taxes and duties. For his part, Governor Khaled said that Alexandria possesses promising investment opportunities and is one of Egypt's most important industrial governorates. He added that the governorate is working to expand existing industrial activities and is cooperating effectively with MSMEDA to provide necessary financing and services to project owners. Khaled affirmed the continued cooperation with the agency, particularly in formalising informal projects to enable them to benefit from the advantages offered by Law 152 of 2020 on SME development. During the meeting, the governor and MSMEDA's chief executive presented direct lending cheques to five project owners and issued formalisation licenses and classification certificates to five others.
