Daily News-
Bassel Rahmi, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), has announced that between January and October 2024, the agency funded 76,200 MSMEs with loans totaling EGP 5.3bn. This funding facilitated the creation of approximately 257,900 jobs. The announcement came during Rahmi’s meeting with Prime Minister Mostafa Madbouly to review the agency’s performance and other key initiatives.
Rahmi emphasized the agency’s role in providing non-financial services, which included linking 253 projects to commercial chains, resulting in sales worth EGP 1 million. Additionally, 9,251 individuals received entrepreneurship training, and 273 business-to-business integration deals were completed, amounting to EGP 41 million. The agency also issued temporary licenses, classification certificates, tax cards, and commercial registry services to support thousands of projects.
Highlighting MSMEDA’s performance indicators, Rahmi noted that 120 internal exhibitions were held, involving 1,880 exhibitors who achieved sales and contracts worth EGP 196.9 million. Furthermore, the agency facilitated five international exhibitions featuring 37 exhibitors, generating EGP 14.5 million in sales and contracts. He also spotlighted the “Our Heritage” exhibition, an annual event since 2019, which has supported 4,886 exhibitors and secured EGP 428.8 million in sales and contracts over five years.
On community and human development, MSMEDA funded projects valued at EGP 87.3 million, creating 294,500 jobs and employing 2,133 young people. Rahmi also provided a breakdown of funding by gender, revealing that 51% of small and micro-projects were owned by men and 49% by women.
The agency reported a 27.5% growth in funding for medium, small, and micro-projects during the first 10 months of 2024 compared to the same period in 2023. Rahmi noted an increase in funding for industrial, agricultural, and other activity sectors, reflecting a broader diversification of support across the economy.
Looking ahead, the 2024 “Our Heritage” exhibition is scheduled to run from December 12 to 21, with participation from 1,125 exhibitors, including 421 individual exhibitors, 29% of whom are newcomers representing various Egyptian governorates. Rahmi reviewed the financial performance of the exhibition from 2022 to 2024, underscoring its growing significance.
Rahmi also addressed the revival of the Arab Union for Small Enterprises, established under the League of Arab States in 2004. This regional body unites organizations and entities dedicated to the development, financing, and support of SMEs.
Further, Rahmi highlighted collaborations with several ministries, including Local Development, Planning, and International Cooperation, as part of agreements with international institutions aimed at fostering a supportive environment for MSMEs. These partnerships focus on job creation, innovative funding solutions, and entrepreneurial growth.
In addition, Rahmi discussed ongoing cooperation with the Organisation for Economic Co-operation and Development (OECD) through its Small Enterprises and Entrepreneurship Committee. This partnership facilitates the exchange of expertise and policies to strengthen the MSME sector in Egypt.