Both ministers discussed future opportunities for MSMEDA and the financial support needed to expand its services during their meeting
Over the last 7 years, Egypt’s Micro, Small and Medium Enterprises Development Agency (MSMEDA) distributed approximately EGP 36 billion to more than 1.4 million MSMEs, with MSMEDA’s Managing Director, Nevine Gamea, praising its cooperation with the Ministry of International Cooperation in securing necessary financial resources.
Gamea, also Minister of Trade and Industry, met with the Minister of International Cooperation Dr. Rania Al-Mashat to discuss ways to strengthen support of MSMEDA’s activities through development funds, in order to increase job opportunities and improve living standards for citizens.
Both ministers discussed future opportunities for MSMEDA and the financial support needed to expand its services during their meeting.
Al-Mashat expressed the importance of focusing on MSMEs as imperative for Egypt’s economic growth, enabling businesses to become more sustainable and competitive, and creating job opportunities and promoting a culture of self-employment.
“An inclusive and sustainable economy is integral for development. The support of MSMEs and the entrepreneurial force, especially those owned by women and youth, is a priority for our development partners,” she said.
The minster also noted her ministry’s commitment towards securing development financing through international partnerships with multilateral and bilateral development partners that are dedicated to supporting MSMEs.
In 2020, the Ministry of International Cooperation secured $3.2 billion through direct financing to private sector companies as well credit lines to commercial banks for the financing of SMEs. Additionally, the ministry secured a total development financing worth $457 million through multilateral and bilateral cooperation for state sectors.
MSMEDA supported over 87 thousand projects in the first half of 2021 (H1 2021) worth EGP 2.8 billion, totaling in 146 thousand job opportunities.
This in addition to the $200 million Saudi Grant through the Saudi Fund for Development (SFD) which has contributed to financing over 2,500 projects across sectors in 27 governorates, providing more than 12,000 job opportunities and promoting the implementation of the SDGs.
Through its success stories, MSMEDA has gained a positive reputation and the confidence of international donors, Gamea added, elaborating that in recent years, the Government of Egypt, and President Abdel Fattah El-Sisi, emphasized the state’s commitment to supporting small enterprises.
Gamea shared that MSMEDA is also currently seeking to establish an electronic link, as per a protocol recently signed with the Ministry of Communication and Information Technology, with all the government entities that are concerned with development projects to create better access for citizens.