Egypt's MSMEDA Agency Ramps Up Support for Startups and Entrepreneurs

The Project Development Agency (MSMEDA) recently participated in the SME Summit, an event organized by the economic institution "Business in Arabic." This summit celebrated the release of their special report on micro, small, and medium-sized enterprises (MSMEs), which explored the opportunities and challenges facing this vital sector and highlighted the importance of encouraging Egyptian youth to pursue self-employment. MSMEDA set up a dedicated booth at the summit to welcome young people and introduce them to the diverse services it offers. These services are designed to support them in either establishing new projects or developing their existing businesses. Additionally, several MSMEDA officials actively participated in workshops held during the summit, where they showcased the agency's various development activities aimed at strengthening the small projects sector. Basil Rahmy, the CEO of MSMEDA, delivered the summit's opening speech. The event saw a significant turnout, with many officials, leaders from the banking sector, financing institutions, and technical support service providers in attendance. In his address, Rahmy emphasized that the SME sector is one of the most crucial drivers for Egypt's economic growth and for achieving sustainable development. He strongly stressed the importance of boosting investments directed towards this vital sector, especially given global trends towards financial inclusion and digital transformation. He further explained that MSMEDA is dedicated to providing a supportive environment for all types of projects, including industrial, agricultural, commercial, and service ventures. This commitment extends to actively supporting innovative startups and entrepreneurs, encouraging them to expand and grow their businesses. Rahmy also shared that MSMEDA, acting on a directive from Dr. Mostafa Madbouly, the Prime Minister and Chairman of the Agency's Board, has joined the Ministerial Group for Entrepreneurship. This group was re-formed this year and is now chaired by Dr. Hussein Issa, the Deputy Prime Minister for Economic Affairs. He clarified that MSMEDA plays a key role in activating the group's work and is currently issuing classification certificates to startups. These certificates are essential as they qualify startups to benefit from the incentives and advantages offered by the Startup Charter, which was launched last February. Rahmy added that MSMEDA has successfully launched a venture capital funding mechanism specifically for startups and innovative companies, in partnership with the World Bank Group. MSMEDA's contribution to this initiative reached an impressive $50 million, which has been strategically invested through 15 investment funds. This has already benefited 170 Egyptian startups and helped create approximately 48,000 job opportunities. The CEO further explained that MSMEDA is continuously working to develop its funding products and introduce new mechanisms that are suitable for various community segments and different types of projects, with a special focus on productive and industrial ventures. This support is provided either through direct financing or via a wide network of intermediary bodies, which includes major banks, financial institutions, and associations. He pointed out that the strong support MSMEDA receives from the political leadership has contributed to a significant leap in funding volumes. He noted that the percentage of productive projects within these financings is projected to rise to 30% by 2025. Furthermore, funding directed to industrial projects reached approximately 3 billion Egyptian Pounds between January 2022 and April 2026. Basil Rahmy affirmed that MSMEDA pays special attention to projects geared towards export. They do this by providing diverse marketing and export opportunities that have already helped many project owners secure successful deals. He indicated that efforts are actively underway to double these valuable services in the coming period. He also added that MSMEDA will be participating in the Egyptian-Saudi International Franchise Exhibition, which is scheduled for early July under the patronage of the Prime Minister. The main goal of this participation is to open new investment horizons for project owners and enhance their ability to benefit from successful global experiences in the field of franchising. The CEO of MSMEDA emphasized that the agency's strategy isn't just about increasing the sheer number of micro, small, and medium-sized enterprises. It also aims to develop, qualify, and strengthen their capacity for sustained growth, stability, and long-term sustainability. This comprehensive approach ultimately contributes to supporting the national economy and creating even more job opportunities for Egyptians. On another note, and as a continuation of MSMEDA's efforts to introduce its services to young people and encourage them towards self-employment, Mohamed Medhat, the agency's Deputy CEO, participated on behalf of Basil Rahmy in the sixth edition of the "Job Hub 6" employment forum. This impactful event took place at St. Mark's Coptic Orthodox Cathedral in Abbaseya. The forum was attended by several prominent figures, including His Holiness Pope Tawadros II, Pope of Alexandria and Patriarch of the See of St. Mark, along with Mohamed Gobran, Minister of Labor, Dr. Ashraf Sobhy, Minister of Youth and Sports, Dr. Ibrahim Saber, Governor of Cairo, and Ambassador Nabila Makram, Head of the Technical Secretariat of the National Alliance for Civil Development Work. The forum itself was organized by the Coptic Orthodox Diocese of Public, Ecumenical, and Social Services, under the patronage of Anba Yulius, and in cooperation with the "Basma Shabab Misr" (Egypt Youth Footprint) initiative, as well as several government entities and private sector institutions. MSMEDA representatives were also actively present at the forum, engaging with young people to inform them about its services and encouraging them to either start their new projects or expand their existing ones.