Latest news with #SmallandMediumEnterpriseDevelopmentAgency
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
MSMEDA offers exceptional opportunities to encourage Egyptian expats to invest at home: CEO
Bassel Rahmy, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), affirmed that the agency is fully committed to supporting Egyptian entrepreneurs living abroad—particularly those with professional expertise and a desire to return and invest in Egypt. This support aims to help them establish medium and small enterprises, especially in productive and industrial sectors with high market demand. The goal, Rahmy noted, is to enable them to channel their savings and capital into economically viable projects that generate strong returns compared to similar markets, while also contributing meaningfully to the national economy. He added that this backing is offered within a robust legislative framework, complemented by an extensive array of financial, technical, and technological services. These collectively help create a more flexible and effective business environment, providing diverse enterprises with secure opportunities for sustainable short- and long-term growth. Rahmy made these remarks during his participation in the sixth edition of the 'Egyptians Abroad Conference,' organised by the Ministry of Foreign Affairs and the Ministry of Emigration and Egyptian Expatriates' Affairs under the theme 'From Everywhere… Egypt is the Destination.' In his presentation, Rahmy outlined the wide range of services MSMEDA offers to support entrepreneurs. These include financial and non-financial services, marketing support, specialised training programmes, and community and human development initiatives. He also presented the agency's broader strategy to foster an enabling environment for new projects and to encourage Egyptian entrepreneurs abroad to transfer their expertise and invest in Egypt. Rahmy stressed that MSMEDA is implementing integrated and effective plans to highlight investment opportunities and partnerships with entrepreneurs from the Egyptian diaspora. This aligns with the state's vision to attract and localise investments from Egyptians abroad. The agency is tapping into the entrepreneurial experience of Egyptians working overseas by providing comprehensive support and adopting innovative financing mechanisms. These include venture capital financing—successfully launched in partnership with the World Bank—as well as lease financing, Islamic finance, and offering a portfolio of franchise brands to returning Egyptians to ensure stable and successful investments. He noted that the government's broader strategy focuses on building a competitive domestic market to attract diverse investments, thereby strengthening the national economy through increased project establishment, supporting local industries, conserving foreign currency reserves, and creating decent and sustainable employment opportunities. Rahmy also highlighted MSMEDA's active cooperation with the private sector, as well as its partnerships with local and international institutions to share expertise and enhance the sector's contribution to the local economy. This includes joint programmes in infrastructure development. Additionally, the agency is keen on signing cooperation agreements and establishing partnerships with banks and financing companies to diversify financial products and expand its client base. Rahmy praised the role of the Ministry of Foreign Affairs in coordinating efforts across government entities to implement plans that attract Egyptians abroad and encourage them to invest their expertise and capital in Egypt. He reaffirmed MSMEDA's commitment to working closely with the Ministries of Foreign Affairs and Emigration to launch initiatives tailored to the needs and aspirations of Egyptians living overseas.
Fintech News ME
29-07-2025
- Business
- Fintech News ME
53% of Egyptian SMEs Adopt Digital Payments
Visa has released a new report titled Value of Acceptance: Understanding the Digital Payment Landscape in Egypt, which outlines the growing momentum for digital payments among SMEs in the country. According to the report, more than half (53%) of surveyed merchants have introduced digital payments in the past two years, while 55% of cash-only businesses are considering adoption. Satisfaction levels are high among those already using digital payment systems: over 80% report being content with card acceptance, more than three-quarters say it has positively impacted revenue, and two-thirds note an increase in footfall. Egyptian SMEs are also expressing interest in services that extend beyond basic transaction processing. These include loyalty schemes, improved security features, and tools that offer insights from transactional data, all seen as avenues for enhancing customer experience, improving operations, and supporting business growth. For businesses that still rely on cash, there is clear demand for digital solutions that are straightforward, intuitive, and comparable in ease to cash transactions. Respondents also cited the need for educational support to address concerns or misconceptions, along with incentives to aid in the shift to digital systems. The outlook for continued adoption appears strong, with 77% of SMEs agreeing that digital payments will help drive their business growth, and 55% of cash-only merchants saying they intend to acquire point-of-sale (POS) systems. The growth of Egypt's e-commerce sector is another contributing factor. The study found that 59% of merchants surveyed had recently started accepting payments online, and 53% now accept payments through social media platforms. Malak El Baba, Vice President and Egypt Country Manager at Visa, said: 'The research findings paint a promising picture of Egypt's growing digital payments landscape. The increasing preference for digital transactions, coupled with the recognised benefits for businesses and the broader economy, created a shift in how businesses and consumers embrace digital payments across the region. The acceleration of digital acceptance not only unlocks new opportunities for merchants of all sizes but also strengthens the foundation of inclusive economic growth. Visa is committed to working with our partners across the ecosystem to unlock the full potential of digital payments for all Egyptians, individuals and businesses alike.' She added that Visa's partnership with Egypt's Micro, Small and Medium Enterprise Development Agency (MSMEDA) plays an important role in advancing the country's digital transformation goals and supporting a sector central to national economic development. Bassel Rahmy, CEO of MSMEDA, said the partnership complements government efforts to modernise and support SMEs: 'Cooperation with Visa aims to facilitate financial transactions for business owners of all types by providing advanced electronic payment solutions and introducing electronic invoices. This contributes to easier project management, enhances their opportunities to obtain funding and technical support, and positively impacts their ability to operate, sustain, and grow.' He also noted that the agency places a strong emphasis on providing SMEs with training in digital marketing and financial tools, enabling more businesses to enter the formal economy and benefit from legislative incentives under Egypt's enterprise development laws. Despite the overall positive trajectory, the report identifies several challenges. Security remains a concern for many, with 41% of SMEs citing fear of fraud or robbery related to cash handling. Education campaigns and examples of successful digital adoption could help address these worries and encourage uptake among hesitant merchants. The report suggests that digital payment adoption can bring a range of benefits, from revenue growth and improved customer satisfaction to reduced risks and better access to finance. Beyond business advantages, digital payments also support financial inclusion and economic development. Research cited in the report indicates that a 1% rise in card usage can generate an average of US$67 billion in economic activity globally. Visa continues to expand its role in enabling Egypt's digital economy through various programmes tailored to merchants' needs, including contactless and click-to-pay options, as well as business education initiatives. The Value of Acceptance report, conducted by 4Sight Research & Analytics, is based on face-to-face interviews with 270 SME owners and managers in Egypt who are directly involved in everyday business decisions.
Daily News Egypt
28-07-2025
- Business
- Daily News Egypt
Plan underway to double funding for youth-led projects in Alexandria: MSMEDA chief
The Micro, Small and Medium Enterprise Development Agency (MSMEDA) has pumped EGP 2.2bn into financing 51,000 projects in Alexandria from July 2014 to May 2025. Bassel Rahmy, CEO of MSMEDA, has stressed the agency's commitment to doubling the available funding for youth in Alexandria in the coming phase. This is part of an ambitious plan carried out in coordination with the governorate and partner entities to expand industrial and productive ventures across the city and create more decent, sustainable job opportunities for local youth. Rahmy's remarks came in celebration of Alexandria's National Day, where he highlighted the agency's focus on widening access to finance for both existing project owners and young entrepreneurs hoping to launch new ventures. He also emphasised MSMEDA's efforts to equip project owners with the technical support they need to ensure long-term stability and growth. He added that the agency will continue prioritising industrial and productive projects, working hand in hand with the Alexandria governorate to provide all necessary financial and technical backing to the city's industrial zones. Moreover, Rahmy explained that MSMEDA's strategic approach in the governorate aims to offer more financial and non-financial incentives and support, as stipulated in Law No. 152/2020 on enterprise development. The goal is to empower Alexandria's youth to fully capitalise on these services, start projects across various sectors, and seize promising investment opportunities in the area. He also noted the advantages provided by Law No. 6/2025, which grants several tax facilitations to project owners. The agency head also pointed to MSMEDA's active role in forging agreements with key partners across Alexandria, including the iconic Bibliotheca Alexandrina. The agency signed a cooperation agreement with the library last year to enhance collaboration and share knowledge and technical expertise, with the aim of advancing common goals—particularly in economic empowerment of women and promoting an entrepreneurial mindset among youth. Rahmy added that MSMEDA succeeded in channelling EGP 2.2bn into Alexandria between July 2014 and May 2025, funding 51,000 projects and generating over 110,000 diverse job opportunities. He also revealed that EGP 102m of this amount was allocated to infrastructure, community development and training projects, creating 718,000 workdays for irregular labourers.
Daily News Egypt
27-07-2025
- Business
- Daily News Egypt
MSMEDA expands partnership with Japan's JICA to boost youth-led industrial projects
Bassel Rahmy, CEO of Egypt's Micro, Small and Medium Enterprise Development Agency (MSMEDA), has met with Yu Ebisawa, the newly appointed Resident Representative of the Japan International Cooperation Agency (JICA) in Egypt, to discuss expanding bilateral cooperation aimed at supporting youth-led industrial and productive enterprises. This marks Ebisawa's first official visit to MSMEDA since assuming his post in 2025. The meeting was attended by Raafat Abbas, Deputy CEO of MSMEDA, along with senior officials from both MSMEDA and JICA. Rahmy reaffirmed the agency's commitment to deepening its collaboration with JICA to transfer Japanese expertise to Egyptian industrial enterprises. He stressed the importance of helping small and medium-sized businesses improve production quality, meet international standards, and increase their ability to serve domestic demand and access global markets. This approach, he noted, aligns with Egypt's broader strategy to reduce imports and preserve foreign currency reserves. The discussions also reviewed the progress of an ongoing technical cooperation project between MSMEDA and JICA, which provides business development services to enhance enterprise competitiveness. Current efforts are concentrated in the food processing sector in Minya and the plastics manufacturing sector in Alexandria. Rahmy noted that future cooperation will focus particularly on expanding support for industrial and feeder industries—sectors that play a critical role in integrated value chains and have significant potential for job creation and economic impact. For his part, Yu Ebisawa expressed his appreciation for the strong and productive partnership with MSMEDA and affirmed JICA's readiness to continue and strengthen cooperation in support of small enterprise development and enhanced productivity across Egypt.
CairoScene
27-07-2025
- Business
- CairoScene
‘Maaki' Program Launches to Train 1 Million Women in Digital Skills
According to MSMEDA, over 918,000 women-led projects have been previously funded by the agency, resulting in the creation of 1.2 million jobs to date. Jul 26, 2025 The Maaki (With You) initiative has been launched to train 1 million women in digital skills and entrepreneurship, with a focus on Upper Egypt and rural communities. The program is organised by the Micro, Small and Medium Enterprise Development Agency (MSMEDA), in partnership with Vodafone Egypt, Samsung Electronics Egypt, and CARE Egypt Foundation. Training includes digital literacy, online business development, and tools for micro-enterprise management. The curriculum is supported by community-level mentorship and awareness campaigns. The program rollout includes women's digital training centres and mobile units equipped to reach remote areas. Implementation partners provide technical infrastructure, educational content, and logistical support. According to MSMEDA, over 918,000 women-led projects have been previously funded by the agency, resulting in the creation of 1.2 million jobs to date.
