MSMEDA invested LE 6.3B into small projects from January 2023 to February 2024

CAIRO – 16 April 2024: During the period from January 2023 to February 2024, the Micro, Small and Medium Enterprises Development Agency (MSMEDA) had a significant role in financing small and micro projects, with a total investment of LE 6.347 billion. 

 

This information was shared by Bassel Rahmy, the CEO of MSMEDA, during a meeting with Prime Minister Mostafa Madbouly, where they discussed the progress and developments of the agency.

 

Rahmy further highlighted that MSMEDA provided an additional LE 141 million in grants for various initiatives such as infrastructure projects, community development, and training during the same period.

 

Additionally, the Agency succeeded in providing 319.1 thousand job opportunities and facilitating services to 173 thousand small projects.

 

The CEO also provided an update on a national initiative that aimed to convert vehicles to operate on natural gas. From January 2021 to February 2024, a total of 70,477 vehicles successfully underwent conversion, with funding amounting to LE 602.5 million.

 

 This conversion effort accounted for 40 percent of all car conversions carried out in Egypt within the specified timeframe.

 

Rahmy also reported on the agency's contributions to the Hayah Karima initiative, which aimed to enhance Egyptian villages. Over the period from January 2021 to February 2024, a number of projects, totaling 111,000, were financed with a funding injection of LE 3.1 billion. These projects played a vital role in generating employment opportunities, amounting to 202,000.

 

Furthermore, the CEO emphasized MSMEDA's commitment to empowering women economically and socially. Notably, women constituted 45 percent of the small and micro enterprises, 29 percent of the beneficiaries of one-stop services, and 30 percent of the recipients of marketing services.

 

 Moreover, they represented 54 percent of the participants in internal exhibitions and 38 percent in international exhibitions.

 

Regarding the distribution of funding, from January 2023 to February 2024, the majority, which accounted for 85 percent, was allocated to the commercial and service sectors. The industrial sector and the agricultural sector each received 7 percent of the funding.