Latest news with #andMediumEnterpriseDevelopmentAgency
Zawya
29-04-2025
- Business
- Zawya
Egypt: MSMEDA injects $51mln to finance 130,000 SMEs in Fayoum
Egypt - Bassel Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), announced that the agency has financed approximately 130,000 small and micro enterprises in Fayoum between July 2014 and December 2024, with a total investment of EGP 2.6bn. These projects have generated over 177,000 job opportunities. Rahmy made these remarks during a meeting with Ahmed El-Ansari, Governor of Fayoum, where they discussed ways to expand cooperation to create more job opportunities for youth by boosting support for the small and micro enterprise sector. Their discussions also focused on encouraging citizens to start or grow their businesses and supporting the establishment of industrial and productive ventures that leverage the governorate's natural resources and investment potential. The meeting also witnessed the signing of two new contracts to finance microenterprises in Fayoum: one with the Small Enterprises and Community Development Association (SECDA), valued at EGP 30m, and another with the Community Development Association in Monshaat Baghdadi, valued at EGP 1.5m. These agreements aim to finance both existing and new projects, with a particular focus on the productive and agricultural sectors. In addition, ten work contracts were awarded to trainees participating in the 'Employment with Others' project, implemented in cooperation with the Fatayat El-Ghad and Magd Masr associations under the EU-funded programme to address the root causes of irregular migration. During the event, El-Ansari and Rahmy presented a number of project owners with certificates of compliance and classification, qualifying them to benefit from the incentives offered under the Enterprise Development Law No. 152 of 2020. They also distributed checks for newly financed projects backed by MSMEDA. As part of the 'Creating Job Opportunities for Women in Upper Egypt' initiative, five women were provided with sewing machines. This project, funded by the Spanish Agency for International Cooperation, aims to empower women's production groups by offering training and operational resources. Governor El-Ansari emphasized the strong partnership between the governorate and MSMEDA to provide comprehensive support for small and micro enterprises. He praised the ongoing coordination, which aligns with the political leadership's directives to bolster the sector's role in national economic development. El-Ansari further highlighted the governorate's focus on supporting industrial, productive, and handicraft projects to help entrepreneurs transition into the formal economy. He stressed the commitment to overcoming the challenges faced by young entrepreneurs, working closely with MSMEDA and other state institutions. For his part, Rahmy underscored the government's strong focus on developing Upper Egypt, led by Prime Minister Mostafa Madbouly, who also chairs MSMEDA's board of directors. Rahmy reiterated the agency's commitment to expanding its financial and technical services across Upper Egypt, helping local communities harness their natural resources and contributing to comprehensive and sustainable economic growth.
Daily News Egypt
29-04-2025
- Business
- Daily News Egypt
MSMEDA injects EGP 2.6bn to finance 130,000 SMEs in Fayoum over 10 years
Bassel Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), announced that the agency has financed approximately 130,000 small and micro enterprises in Fayoum between July 2014 and December 2024, with a total investment of EGP 2.6bn. These projects have generated over 177,000 job opportunities. Rahmy made these remarks during a meeting with Ahmed El-Ansari, Governor of Fayoum, where they discussed ways to expand cooperation to create more job opportunities for youth by boosting support for the small and micro enterprise sector. Their discussions also focused on encouraging citizens to start or grow their businesses and supporting the establishment of industrial and productive ventures that leverage the governorate's natural resources and investment potential. The meeting also witnessed the signing of two new contracts to finance microenterprises in Fayoum: one with the Small Enterprises and Community Development Association (SECDA), valued at EGP 30m, and another with the Community Development Association in Monshaat Baghdadi, valued at EGP 1.5m. These agreements aim to finance both existing and new projects, with a particular focus on the productive and agricultural sectors. In addition, ten work contracts were awarded to trainees participating in the 'Employment with Others' project, implemented in cooperation with the Fatayat El-Ghad and Magd Masr associations under the EU-funded programme to address the root causes of irregular migration. During the event, El-Ansari and Rahmy presented a number of project owners with certificates of compliance and classification, qualifying them to benefit from the incentives offered under the Enterprise Development Law No. 152 of 2020. They also distributed checks for newly financed projects backed by MSMEDA. As part of the 'Creating Job Opportunities for Women in Upper Egypt' initiative, five women were provided with sewing machines. This project, funded by the Spanish Agency for International Cooperation, aims to empower women's production groups by offering training and operational resources. Governor El-Ansari emphasized the strong partnership between the governorate and MSMEDA to provide comprehensive support for small and micro enterprises. He praised the ongoing coordination, which aligns with the political leadership's directives to bolster the sector's role in national economic development. El-Ansari further highlighted the governorate's focus on supporting industrial, productive, and handicraft projects to help entrepreneurs transition into the formal economy. He stressed the commitment to overcoming the challenges faced by young entrepreneurs, working closely with MSMEDA and other state institutions. For his part, Rahmy underscored the government's strong focus on developing Upper Egypt, led by Prime Minister Mostafa Madbouly, who also chairs MSMEDA's board of directors. Rahmy reiterated the agency's commitment to expanding its financial and technical services across Upper Egypt, helping local communities harness their natural resources and contributing to comprehensive and sustainable economic growth.
Zawya
24-03-2025
- Business
- Zawya
Egypt: MSMEDA, Banque Misr pen $4mln deal to back small businesses
Arab Finance: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) signed an EGP 200 million contract with Banque Misr to back small enterprises and provide working capital, according to an official statement. MSMEDA's CEO Basil Rahmy emphasized the agency's commitment to expanding partnerships with major banks and financial institutions to secure the necessary financing to support the small enterprise sector in Egypt. The agreement also aligns with the agency's goals to enable thousands of project owners and entrepreneurs to establish or develop small businesses, Rahmy added. Under the directives of Prime Minister Mostafa Madbouly, the funding will focus on industrial and productive projects that create job opportunities for young people, especially recent graduates. Rahmy noted that a portion of the funding will be directed to female entrepreneurs, both business owners and those seeking to launch new projects. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Daily News Egypt
23-03-2025
- Business
- Daily News Egypt
Banque Misr partners with MSMEDA in EGP 200m agreement to bolster small enterprises, expand working capital
Ahmed Eissa, Executive Vice President of Banque Misr, has signed a landmark EGP 200m contract with Basil Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), aimed at supporting small enterprises and expanding access to working capital. Funded by MSMEDA, this agreement seeks to facilitate the growth and development of existing small enterprises by offering loans designed to enhance production, boost income, and create job opportunities. By doing so, the initiative contributes directly to economic progress and improved living standards. These loans will be provided at preferential interest rates through Banque Misr's extensive network of over 860 branches and banking units nationwide. The financing will be available to both new and existing business owners, with a particular focus on projects led by female entrepreneurs, thereby diversifying the bank's portfolio and fostering inclusive economic participation. Amr Demerdash, Head of the SMEs Sector at Banque Misr, emphasized that this partnership aligns with the bank's commitment to supporting businesses of all sizes. By offering specialized financial solutions, the bank aims to address both financial and non-financial needs across various economic sectors. Demerdash highlighted Banque Misr's dedication to fostering entrepreneurship and strengthening Egypt's economic foundation by actively participating in initiatives and agreements that expand financing opportunities for enterprises. This, in turn, enhances production, generates employment, and stimulates economic growth. Additionally, these efforts contribute to integrating the informal sector into the formal economy, thereby positively impacting economic indicators and driving higher growth rates. Banque Misr remains committed to unlocking the potential of young entrepreneurs, increasing the number of SMEs, and encouraging both emerging and established businesses across diverse industries. The bank's strategic approach reflects its dedication to sustainable development and long-term prosperity for Egypt. Rahmy reaffirmed MSMEDA's commitment to fostering collaboration with major banks and financial institutions to provide essential financing for small enterprises. This initiative aims to empower business owners and entrepreneurs, particularly in industrial and productive sectors, to strengthen local manufacturing and create sustainable employment opportunities, particularly for recent graduates. He also noted that this financing agreement with Banque Misr will play a crucial role in expanding financial access for businesses across the country, leveraging the bank's vast branch network. A portion of the funding will be dedicated to supporting female entrepreneurs, underscoring the shared commitment of both MSMEDA and Banque Misr to advancing women's economic empowerment and entrepreneurship.
Zawya
13-03-2025
- Business
- Zawya
Egypt: MSMEDA issues 130,000 small business licenses over past decade
Arab Finance: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has issued 130,000 licenses for small businesses over the past decade and established 37 committees this March to facilitate business legalization across all governorates, CEO Basil Rahmy announced. As part of its ongoing efforts to support entrepreneurs and small business owners during Ramadan, MSMEDA is implementing various programs aimed at empowering enterprises, enhancing market opportunities, and simplifying legalization procedures. Rahmy emphasized that the agency's regional offices are continuing their intensive support efforts through trained staff dedicated to assisting business owners. This March, 37 legalization committees have been formed to streamline the process for small and medium enterprises (SMEs) to join the formal economy. These committees facilitate the application of Project Development Law 152/2020, allowing more businesses to access legal benefits and incentives. Rahmy noted that MSMEDA provides technical and administrative support to project owners to help them complete the necessary procedures for legalization. Between July 2014 and December 2024, MSMEDA issued 19,804 final and temporary legalization licenses, along with 110,137 final licenses for small businesses, through its one-stop service centers across Egypt. These units aim to simplify the establishment and operation of projects. As part of its outreach efforts, MSMEDA's regional offices are hosting interactive seminars at Egyptian universities and technical schools this month to introduce students to entrepreneurship. Rahmy urged aspiring entrepreneurs to take advantage of the agency's training programs and support services, reaffirming MSMEDA's commitment to fostering small businesses as a key driver of economic development in Egypt. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
