Latest news with #SmallandMediumEnterprisesDevelopmentAgency
CairoScene
a day 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.
Daily News Egypt
5 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.
