Assisting a total of 302,000 projects in the past 18 months with financial and non-financial services worth EGP 8.9 billion, said MSMEDA CEO Basil Rahmi
Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA) recently disclosed that, in 2022, the agency extended financial assistance to 222,000 projects totaling EGP 6.8 billion, resulting in the creation of 370,000 jobs, during a review of the agency’s achievements with Prime Minister Mostafa Madbouly.
Assisting a total of 302,000 projects in the past 18 months, the agency provided financial and non-financial services worth EGP 8.9 billion during that period, said MSMEDA CEO Bassel Rahmy.
During the first half of 2023, the agency funded 80,000 projects amounting to EGP 2.1 billion, leading to the establishment of 117,000 jobs.
Other than financial support, MSMEDA provided valuable non-financial support to these projects including project registration in suppliers' directories, integration into commercial networks, entrepreneurial training, and the facilitation of business-to-business collaborations.
According to Rahmy, MSMEDA facilitated the registration of 2,900 projects in suppliers' directories, involving tenders worth EGP 178 million last year. The agency was able to integrate 260 projects into commercial chains, contributing to sales of EGP 6 million, and equipped 8,200 individuals with entrepreneurial skills in 2022.
For the first half of 2023, the development agency provided support to 1,600 projects in registering in suppliers' directories, corresponding to tenders of EGP 80 million, with 120 projects successfully woven into commercial chains, achieving sales of EGP 2 million. The agency provided entrepreneurial training to 5,000 people during this period.
In terms of administrative assistance, MSMEDA played a pivotal role in obtaining tax cards, commercial records, licenses, and classification certificates for numerous enterprises, contributing to the growth of the sector.
Looking ahead, Rahmy presented the agency's ambitious roadmap for 2023-2027, noting that the agency will focus on the development of a national strategy for micro, small, and medium enterprises, active implementation of the Small, Medium, and Micro Enterprises Development Law No. 152 of 2020, and robust support for digital transformation through a dedicated national platform.
