The CEO of MSMEDA, Bassel Rahmy, said during a meeting with Prime Minister, Mostafa Madbouly to follow up on the Agency’s recent developments during the period from January 2023 until February 2024.
Micro, Small and Medium Enterprises Development Agency (MSMEDA) financed small and micro projects, with a total amount reaching EGP 6.347 billion from January 2023 to February 2024.
The CEO of MSMEDA, Bassel Rahmy, said during a meeting with Prime Minister, Mostafa Madbouly to follow up on the Agency’s recent developments during the period from January 2023 until February 2024.
The agency provided additional EGP 141 million in grants for infrastructure projects, community development, and training during the period as mentioned above, Rahmy added.
Additionally, the Agency succeeded in providing 319.1 thousand job opportunities and facilitating services to 173 thousand small projects.
The CEO of the agency provided an update on the national initiative aimed at transitioning cars to operate on natural gas. From January 2021 to February 2024, a total of 70,477 vehicles were successfully converted to run on natural gas, with funding of EGP 602.5 million.
This conversion effort accounted for 40% of all car conversions carried out in Egypt within the specified timeframe.
Rahmy reported on the services rendered by the agency in support of Hayah Karima initiative, aimed at enhancing Egyptian villages. From January 2021 to February 2024, a total of 111,000 projects were financed, receiving a funding injection of EGP 3.1 billion. These projects played a crucial role in generating 202,000 employment opportunities.
The CEO of the Agency emphasized the agency's dedication to empowering women economically and socially. Women constituted 45% of small and micro enterprises, 29% of one-stop service beneficiaries, and 30% of marketing service recipients. Moreover, they represented 54% of participants in internal exhibitions and 38% in international exhibitions.
From January 2023 to February 2024, the majority of the funding for small and micro projects, amounting to 85%, went to the commercial and service sector. The industrial sector and the agricultural sector received 7% of the funding each.
