Latest news with #Rahmy
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
MSMEDA, JICA launch 2nd phase of technical cooperation programme to support 20 industrial projects
The Micro, Small and Medium Enterprise Development Agency (MSMEDA) has launched the second phase of its joint technical cooperation programme with the Japan International Cooperation Agency (JICA), aimed at enhancing the competitiveness of small industrial projects in Egypt. The new phase will focus on 20 enterprises across Minya and Alexandria governorates, particularly in the food processing and plastic manufacturing sectors. Bassel Rahmy, CEO of MSMEDA, reaffirmed the agency's commitment to fostering partnerships with international development institutions as a means of supporting Egypt's small enterprise sector—especially industrial and productive ventures. He emphasized that such collaborations enhance the competitiveness of local businesses, empower domestic industries, and help create sustainable employment opportunities for youth. Rahmy made his remarks during a meeting with Masami Yamamori, a member of JICA's expert team, and senior MSMEDA officials led by Deputy CEO Raafat Abbas. The meeting marked the official launch of the second phase of the cooperation programme, which is part of a broader initiative to strengthen business development services for Egyptian enterprises. 'This second phase reflects the continued confidence of international institutions in Egypt's economy and its promising investment environment,' Rahmy said. He added that MSMEDA and JICA have agreed to maintain close cooperation to support industrial and productive enterprises in both Minya and Alexandria. The programme will involve business development service providers who will offer technical support to factory owners, enabling them to scale their operations and access global markets. Deputy CEO Raafat Abbas explained that the second phase of the programme aims to enhance the operational efficiency and productivity of participating businesses. In Minya, the focus will be on food processing enterprises, while in Alexandria, it will target plastic manufacturing businesses located in the Al-Merghem industrial zone. He noted that implementation is already underway, with a series of workshops organized for service providers and business owners. Abbas added that Japanese experts are currently conducting on-site visits to participating factories to deliver technical consultations and propose practical solutions. These visits are part of a sustained effort to help business owners adopt more efficient operating models and improve overall performance. The projects will be closely monitored over the coming months to track progress and ensure results. The first phase of the cooperation programme, which has already been completed, involved 14 projects that received tailored business development support from both Japanese and Egyptian consultants. Lessons learned from that phase are now being applied to expand the initiative's impact in the second stage.
Daily News Egypt
21-05-2025
- Business
- Daily News Egypt
Latvia's CFLA explores partnership opportunities with Egypt's MSMEDA
A delegation from Latvia's Central Finance and Contracting Agency (CFLA) visited the headquarters of Egypt's Micro, Small, and Medium Enterprise Development Agency (MSMEDA) in Cairo to explore potential areas of cooperation. The visit was arranged in coordination with the Latvian Embassy in Egypt. Bassel Rahmy, CEO of MSMEDA, said that the meeting builds on the growing ties between the two sides, which began in December when Latvia participated in the 'Turathna' (Our Heritage) exhibition for handicrafts and heritage products. Discussions focused on aligning Latvia's development cooperation initiatives with Egypt's national priorities—particularly in SME support, digital transformation, and capacity-building. The Latvian delegation reviewed CFLA's experience in providing technical assistance to the SME sector. Both parties also discussed launching joint projects in the near future, including youth and women-focused training programs, support for business incubators and accelerators, and expanded institutional collaboration. Rahmy reaffirmed MSMEDA's commitment to working with international development partners to strengthen Egypt's SME sector. He emphasized the importance of exchanging expertise and implementing bilateral programs that enhance local entrepreneurship and facilitate access to international markets. The Latvian Embassy expressed strong interest in learning more about MSMEDA's operations, project mechanisms, and areas for future cooperation. The meeting was attended by MSMEDA Deputy CEOs Raafat Abbas and Hatem El-Ashry, along with Ieva Juste, Commercial Affairs Officer at the Latvian Embassy in Cairo.
Daily News Egypt
19-05-2025
- Business
- Daily News Egypt
AAIB, MSMEDA sign EGP 150m agreement to boost Egypt's SME industrial sector
The Arab African International Bank (AAIB) has signed a new financing agreement with the Micro, Small and Medium Enterprise Development Agency (MSMEDA), securing EGP 150m to support small and medium-sized enterprises (SMEs) in Egypt's industrial and production sectors. Tamer Wahid, Vice Chairperson and Managing Director of AAIB, emphasized the bank's longstanding commitment to empowering SMEs, noting that AAIB's SME financing portfolio has now surpassed EGP 10bn—a nearly 400% increase. The number of clients served in this segment has exceeded 800. Wahid highlighted the bank's strategic focus on supporting industrial projects that contribute to national development, as well as expanding services for exporters. 'This agreement reflects our continued dedication to strengthening our role in SME financing. We believe in the sector's central role in driving economic development and achieving sustainable growth,' he stated. He added that AAIB is focused on delivering innovative financial products and advanced technological solutions tailored to the evolving needs of SMEs, in line with ongoing digital transformation in the financial sector. 'We aim to collaborate with our partners to offer competitive financing opportunities that accelerate SME growth.' Under the agreement, AAIB will re-lend the funds to eligible SMEs across all Egyptian governorates, with a particular focus on new ventures and women-led projects. Small enterprises will be eligible for financing up to EGP 15m, while medium-sized enterprises can access up to EGP 30m. The loans will be used primarily for purchasing new machinery and supporting working capital. This strategic partnership between AAIB and MSMEDA underscores the importance of public-private collaboration in advancing Egypt's economic development and fostering sustainable growth through SME empowerment. Basil Rahmy, CEO of MSMEDA, affirmed the agency's commitment to working closely with major financial institutions to provide comprehensive support to entrepreneurs in the industrial and productive sectors. He noted that this partnership aligns with the government's strategic direction and the directives of Prime Minister Mostafa Madbouly—who also chairs MSMEDA—to create a business-friendly environment for SME growth. 'Our aim is to help enterprises expand, increase production, and generate sustainable job opportunities for youth and graduates,' Rahmy said. 'We are actively working to expand MSMEDA's financing footprint across micro, small, and medium enterprises, including support for innovative and technology-driven projects.' Rahmy added that this includes both direct financing and coordinated efforts with banks, NGOs, and various partners, as well as investment in companies founded or backed by MSMEDA. These efforts form part of the agency's broader role in improving Egypt's investment climate and fostering a culture of entrepreneurship, innovation, and self-employment.
Middle East
13-05-2025
- Business
- Middle East
OPEN// PM reviews efforts to enhance sustainability of MSMEDA
CAIRO, May 13 (MENA) - Prime Minister Moustafa Madbouli reviewed efforts to enhance the sustainability of the Micro, Small and Medium Enterprises Development Agency (MSMEDA) and ensure the continued achievement of its goals and the implementation of its development activities. This came during a meeting held on Tuesday in the presence of Minister of Finance Ahmed Kouchouk, CEO of MSMEDA Basil Rahmy, Head of the Infrastructure and Economic Affairs Budget Sector at the Ministry of Finance Ahmed Samir and Head of the General Budget Sector at the Ministry of Finance Waleed Abdullah. During the meeting, Rahmy highlighted the agency's key efforts to strengthen its sustainability and maintain progress toward its development goals, through the provision of both financial and non-financial services to target projects and the adoption of initiatives aligned with the state's priorities for achieving sustainable development. He also shed light on the major accomplishments in 2024 across various workstreams of the agency, including supporting productive and service activities, promoting exports and marketing handmade and artisanal products locally and internationally. Rahmy emphasized the agency's work to encourage the transition from the informal to the formal economy through awareness campaigns targeting informal clients, helping them meet legal requirements such as obtaining tax cards, commercial registrations and completing licensing procedures. These efforts aim to enable informal businesses to benefit from incentive programs and facilitated financing, ensuring their sustainable integration into the formal economy, he said. Rahmy also discussed the steps taken to update the national strategy for developing handicraft and heritage industries, along with areas of collaboration with several international organizations to boost the agency's role in implementing its diverse activities. He reviewed preparations for organizing Turathna (Our Heritage) Expo 2025 and efforts to promote high-value cultural craft products, including plans to establish sales outlets for heritage products in the Giza Pyramids area and Cairo International Airport terminals. He also mentioned the ongoing preparations for displaying handcrafted products in the Grand Egyptian Museum, which is currently finalizing arrangements for its grand opening. (MENA) M H K/R E E
Daily News Egypt
10-05-2025
- Business
- Daily News Egypt
EGP 920m invested in 31,000 youth projects in Damietta over 9 months: MSMEDA CEO
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.
