CAIRO – November 01, 2023: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA), invested a total of LE 642 million 2014 and 2023 to finance approximately 9,000 small and micro projects in the North and South Sinai governorates.
As a result, around 20,000 job opportunities have been created, according to Bassel Rahmy, the CEO of MSMEDA.
Rahmi emphasized that this initiative aligns with the state's strategy to develop and rebuild Sinai, while also creating a favorable business environment for the growth of small-scale projects.
MSMEDA offers diverse forms of financial and technical support to project owners, aiming to foster the expansion and enhancement of their businesses to accommodate more sustainable job opportunities.
Moreover, Rahmi highlighted the agency's commitment to facilitate the participation of small business owners and craftsmen from the local Sinai community in MSMEDA exhibitions. This approach aims to broaden the marketing prospects for their products and contribute to their overall growth.
Another significant aspect of MSMEDA's efforts is its contribution to empowering women across Sinai by enhancing their capabilities through training programs in collaboration with the Spanish Agency for International Cooperation. This support enables women to establish their own small and micro projects or develop existing ones, thus creating additional avenues for economic participation and empowerment.
In October 2023, the Prime Minister announced the second phase of the developmental plan for Sinai, with a total value of LE 363 billion. Within this plan, LE 8.7 billion and LE 8.3 billion have been allocated for the establishment and improvement of educational institutions and healthcare facilities, respectively.
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