CAIRO - 10 November 2024: The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) CEO Bassel Rahmy announced plans to double funding allocations for regional development in Upper Egypt across the coming years, aiming to accelerate economic growth across governorates. This increased investment by MSMEDA is expected to enhance local production capabilities, support export growth, and contribute to a stronger national industry in Egypt.
Rahmy shared the announcement during the National Initiative for Industry (Ebda) ceremony in Aswan, revealing that over the past decade, MSMEDA has allocated LE 25.6 billion to support Upper Egypt's industrial and production sectors. This commitment included LE 1.7 billion specifically designated for Aswan, signaling the agency’s dedication to advancing regional development.
"Through our partnerships with development entities, we are creating pathways for sustainable growth," Rahmy stated. MSMEDA’s initiatives over the years have resulted in funding for 38 industrial projects across 11 governorates, providing vital financial and technical assistance to promote project sustainability and productivity.
MSMEDA’s strategic objectives include developing industrial zones across Aswan, which are geared to support informal projects in formalizing their operations and gaining access to the benefits of Egypt's Project Development Law No. 152/2020. Rahmy emphasized that these efforts are part of a broader strategy to encourage citizens to establish or expand industrial projects, addressing local market demands while decreasing reliance on imports.
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