MSMEDA assisted over 300k MSMEs in past 18 months, MSMEDA CEO

As part of its mandate to support Egypt’s MSMEs, the Micro, Small, and Medium Enterprises Development Agency (MSMEDA) assisted a total of to 302,000 projects in the past 18 months with financial and non-financial services worth LE 8.9 billion, MSMEDA CEO Bassel Rahmy explained during a review of the agency’s achievements with Prime Minister Mostafa Madbouly.  

In 2022, the agency extended financial assistance to 222,000 projects totaling LE 6.8 billion, resulting in the creation of 370,000 jobs; while during the first half of 2023, the agency funded 80,000 projects amounting to LE 2.1 billion, leading to the establishment of 117,000 jobs.

In addition to financial support, MSMEDA offers non-financial support including project registration in suppliers' directories, integration into commercial networks, entrepreneurial training, and the facilitation of business-to-business collaborations.

The development agency facilitated the registration of 2,900 projects in suppliers' directories, involving tenders worth LE 178 million last year, Rahmy explained, adding that the agency was able to integrate 260 projects into commercial chains, contributing to sales of LE 6 million, and equipped 8,200 individuals with entrepreneurial skills in 2022.

During the first half of 2023, MSMEDA provided support to 1,600 projects in registering in suppliers' directories, corresponding to tenders of LE 80 million, with 120 projects successfully woven into commercial chains, achieving sales of LE 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.