Latest news with #Rahmy
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.
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.
Al-Ahram Weekly
13-07-2025
- Business
- Al-Ahram Weekly
Finance ministry provides EGP 5 bln support for Egypt MSMEs - Economy
Minister of Finance Ahmed Kouchouk and the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) CEO Basel Rahmy have signed a cooperation protocol to provide EGP 5 billion, the most significant financial support to date, for Egypt's micro, small, and medium enterprises (MSMEs), according to a statement by the ministry on Sunday. The ministry said the move aims to bolster private sector activity and empower young entrepreneurs. Under the agreement, the Ministry of Finance allocates EGP 5 billion in the newly approved FY2025/2026 state budget to offer low-cost, targeted financing to startups and growing businesses. The funding, effective 1 July, will prioritize high-impact, productive sectors as part of a new strategic partnership between the ministry and MSMEDA. The agreement is part of a broader vision to foster sustainable economic development through fiscal policies that support entrepreneurship, encourage formalization, and deepen local manufacturing and export capacity. It also represents a key milestone in the government's efforts to shift from short-term subsidies to long-term, investment-based support models for job creation and economic empowerment. Moreover, Minister Kouchouk said the initial consensus regarding the protocol has been reached with MSMEDA to fund a series of initiatives. These include support for businesses benefiting from the simplified and unified tax system, entrepreneurship development, and deepening local components in industrial, productive, and export-focused projects. The ministry also plans to direct financing to vulnerable families as part of its economic empowerment efforts, aiming to transition them from welfare to productive activity. 'We're launching a new phase of strategic cooperation with MSMEDA that prioritizes financial sustainability and long-term economic impact. This protocol marks a strong push toward enhancing Egypt's private sector and making economic growth more inclusive,' Kouchouk noted. He added that the ministry will provide highly competitive financing terms throughout the current fiscal year for the first wave of businesses joining the new tax system. This will help reduce costs for small businesses and incentivize formalization. For his part, Rahmy affirmed that the agreement opens promising new avenues for economic inclusion, particularly for young entrepreneurs and startups. 'This partnership reflects our shared belief in the power of emerging enterprises to drive innovation, create jobs, and grow the national economy,' Rahmy said. 'Through the minister's forward-thinking policies, we're seeing a real shift in how financial tools are being used to build long-term resilience and opportunity,' he added. The protocol comes at a time when Egypt is intensifying its support for MSMEs. This sector contributes more than 75 percent of total employment and plays a central role in the country's sustainable development strategy. The agreement also complements other national initiatives designed to formalize the informal economy and expand access to financing and digital tools for small businesses. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
13-07-2025
- Business
- Al-Ahram Weekly
Finance ministry to provide EGP 5 bln support for Egypt MSMEs - Economy
Minister of Finance Ahmed Kouchouk and the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) CEO Basel Rahmy have signed a cooperation protocol to provide EGP 5 billion, the most significant financial support to date, for Egypt's micro, small, and medium enterprises (MSMEs), according to a statement by the ministry on Sunday. The ministry said the move aims to bolster private sector activity and empower young entrepreneurs. Under the agreement, the Ministry of Finance allocates EGP 5 billion in the newly approved FY2025/2026 state budget to offer low-cost, targeted financing to startups and growing businesses. The funding, effective 1 July, will prioritize high-impact, productive sectors as part of a new strategic partnership between the ministry and MSMEDA. The agreement is part of a broader vision to foster sustainable economic development through fiscal policies that support entrepreneurship, encourage formalization, and deepen local manufacturing and export capacity. It also represents a key milestone in the government's efforts to shift from short-term subsidies to long-term, investment-based support models for job creation and economic empowerment. Moreover, Minister Kouchouk said the initial consensus regarding the protocol has been reached with MSMEDA to fund a series of initiatives. These include support for businesses benefiting from the simplified and unified tax system, entrepreneurship development, and deepening local components in industrial, productive, and export-focused projects. The ministry also plans to direct financing to vulnerable families as part of its economic empowerment efforts, aiming to transition them from welfare to productive activity. 'We're launching a new phase of strategic cooperation with MSMEDA that prioritizes financial sustainability and long-term economic impact. This protocol marks a strong push toward enhancing Egypt's private sector and making economic growth more inclusive,' Kouchouk noted. He added that the ministry will provide highly competitive financing terms throughout the current fiscal year for the first wave of businesses joining the new tax system. This will help reduce costs for small businesses and incentivize formalization. For his part, Rahmy affirmed that the agreement opens promising new avenues for economic inclusion, particularly for young entrepreneurs and startups. 'This partnership reflects our shared belief in the power of emerging enterprises to drive innovation, create jobs, and grow the national economy,' Rahmy said. 'Through the minister's forward-thinking policies, we're seeing a real shift in how financial tools are being used to build long-term resilience and opportunity,' he added. The protocol comes at a time when Egypt is intensifying its support for MSMEs. This sector contributes more than 75 percent of total employment and plays a central role in the country's sustainable development strategy. The agreement also complements other national initiatives designed to formalize the informal economy and expand access to financing and digital tools for small businesses. Follow us on: Facebook Instagram Whatsapp Short link:
Daily News Egypt
06-07-2025
- Business
- Daily News Egypt
24,000 women-led projects financed since 2020 through MSMEDA–AFD partnership
Approximately 24,000 small and micro-enterprises led by women have been financed across Egypt since 2020 under the Women's Enterprise Support Programme, according to Basel Rahmy, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA). Implemented in partnership with the French Development Agency (AFD), the initiative has targeted both rural and urban areas, with a focus on Upper Egypt and the Nile Delta, creating around 60,000 job opportunities. Speaking on Rahmy's behalf at the programme's closing conference, Raafat Abbas, Deputy CEO of MSMEDA, noted that the funding was delivered through multiple channels—banks, finance companies, NGOs, and direct lending via MSMEDA's branch network. Rahmy emphasised MSMEDA's commitment to deepening partnerships with international development institutions that prioritise women's economic empowerment, adding that such collaboration helps Egypt benefit from global expertise in implementing inclusive programmes. Empowering Women across Productive Sectors The Women's Enterprise Support Programme, launched in January 2020, offered support across a range of productive sectors including food processing, garment manufacturing, and traditional tent-making (khayamiya). Women entrepreneurs benefited from vocational training, marketing assistance, and the opportunity to participate in exhibitions. Rahmy stressed that MSMEDA's strategy reflects a clear national vision to empower women economically and position them as key contributors to the Egyptian economy. This vision, he added, aligns closely with the priorities of AFD and Egypt's Sustainable Development Goals (SDGs). He also praised the strong partnership between MSMEDA and AFD and acknowledged the support of the Ministry of Planning and Economic Development and the National Council for Women, whose coordination helped ensure the programme's effectiveness. Tailored Support and Community Impact Abbas explained that the programme began with a comprehensive market assessment of the status of women's entrepreneurship in Egypt. The resulting studies helped shape customised financial products and credit solutions to support women-led businesses and promote sustainable employment. In addition to financial support, the programme provided non-financial services and capacity-building workshops in areas such as Ezbet Khairallah (Cairo), El-Desmi (Giza), and Old Cairo. These activities included training in business planning, marketing, and management, as well as assistance in accessing trade exhibitions. AFD: Programme Exceeded Expectations Representing the French Development Agency, Andrew Hanna, Director of Sustainable Development Projects, commended the programme's strong results, particularly given its launch amid the global disruption of the COVID-19 pandemic. Elsa Favre, Director of the Sustainable Development Sector at AFD, reiterated the importance of the initiative to both the agency and the Egyptian government, praising its lasting contribution to women's empowerment and inclusive growth. The closing conference concluded with the honouring of participating NGOs and outstanding women entrepreneurs, and a mini-exhibition showcasing products created by beneficiaries from across the programme's supported communities.
