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MSMEDA finances 2 million micro and small projects with EGP 51.2 billion over 10 years
Basel Rahmi, CEO of the Micro, Small and Medium Enterprises Development Agency (MSMEDA), announced that the agency has allocated EGP 51.2 billion to finance 2 million micro and small projects from July 2014 to the end of April 2024. These projects have created approximately 3.1 million job opportunities.
During the same period, MSMEDA invested EGP 3.2 billion in infrastructure, community development and training projects. These initiatives aim to create an enabling environment for projects to grow and improve the quality of services in underserved communities, in collaboration with local authorities. The resources were directed towards labour-intensive activities, resulting in over 34.2 million work days.
Rahmi emphasized that the small projects sector has seen significant growth over the past decade, driven by directives from the President to provide comprehensive financial and technical support to existing and aspiring small business owners. This support has been crucial in creating employment opportunities for young people and graduates and in promoting local products.
MSMEDA remains committed to working with relevant ministries and entities to increase the contribution of small projects to the national economy. By helping entrepreneurs produce competitive and high-quality products, MSMEDA aims to strengthen its presence in local markets and expand globally. Prime Minister Mostafa Madbouly, who also chairs the agency, has consistently emphasized the importance of encouraging youth entrepreneurship and supporting innovators.
In celebration of the eighth annual Micro, Small and Medium Enterprises Day, MSMEDA will announce new funding programmes for innovative and youth- and women-led projects through its branches in all provinces. These initiatives mark the beginning of a new strategic plan that includes implementing the Small Projects Development Act, 2020 (Act 152), raising awareness about its benefits, digitizing MSMEDA’s services in collaboration with major telecommunications companies, supporting innovative and entrepreneurial projects, and launching a comprehensive online platform for existing and aspiring entrepreneurs.
Rahmi also mentioned continued cooperation with international organizations to develop infrastructure in areas most in need using labor-intensive methods. This approach not only employs irregular workers, but also promotes a favorable environment for establishing and expanding small projects. The coming period will see an increased focus on green economy projects, heritage projects and various training programs to develop a skilled workforce in line with market developments.
MSMEDA allocated EGP 3.2 billion to finance 119,900 micro and small projects in villages benefiting from the Decent Life initiative, creating 207,500 job opportunities. Of this funding, 78% was directed to the governorates of Upper Egypt.
In addition, MSMEDA issued 125,000 temporary and 109,000 permanent licenses for new projects, regularized the status of approximately 18,000 diverse projects, and facilitated the issuance of 63,000 tax cards, 20,000 business registrations, 33,000 social security statements, 61,000 customer classification certificates, and 60,000 benefit certificates. The agency also provides a variety of marketing and training services.
MSMEDA offers its services through branches in all provinces and invites young people to visit these branches or call 16733 to learn more about the financial and technical services available, including training and assistance in project development and product marketing.