MSMEDA invests LE 470M to convert cars to natural gas over 3 years

CAIRO – 19 November 2023: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA), invested almost LE 470 million from January 2021 to June 2023 to convert cars to operate on natural gas. MSMEDA contributed to converting 59,000 cars, which represented about 40 percent of the cars converted in Egypt, according to a statement by the CEO of MSMEDA, Bassel Rahmy.

MSMEDA also pumped LE 1.8 billion to enhance the automotive feeding and supply chain industries, according to Rahmy. He added that the number of these projects is about 37,000 projects that provided about 100,000 job opportunities during nine years.

He expressed that MSMEDA’s keenness to implement Egypt’s directions to integrate the environmental dimension into various fields, economic activities, and projects. This came within the scope of Egypt’s strategy to reinforce the transitioning to a green economy.

Rahmy praised the memorandum of understanding (MoU) signed between the agency and the East Port Said Development Company, which aims to create the necessary infrastructure for the growth of the small enterprise sector.

He added that the MoU reflects the state’s strategic direction for the reconstruction of Sinai as well as the development and competitiveness of small and medium enterprises.

Recently in November, MSMEDA pumped about LE 642 million from 2014 to 2023, to finance about 9,000 small and micro projects in the North and South Sinai governorates and providing about 20,000 job opportunities, Rahmy stated.