MSME sector represents more than 80% of Egypt’s economy: MSMEDA CEO – Egypt Today

MSME sector represents more than 80% of Egypt’s economy: MSMEDA CEO – Egypt Today

CAIRO - 29 May 2024: Bassel Rahmy, the CEO of the The Micro Small and Medium Enterprises Development Agency (MSMEDA), emphasized the importance of the SME sector, which represents more than 80 percent of the Egyptian economy and provides employment opportunities for millions of citizens, including young graduates.

 

MSMEDA is currently working with various state institutions to implement the Small Enterprise Development Law. The law provides a set of incentives and benefits to support and launch these projects so that they play a fundamental role in advancing economic development processes and providing job opportunities for youth.

 

As part of the ongoing efforts, the agency has taken further steps to encourage project owners to transition from the informal to the formal sector. In coordination with the National Authority for Social Insurance, it was agreed that project owners who regularize their status will not be required to pay any subscriptions except from the date of obtaining their licenses.

 

The agency has also streamlined the networking procedures between its branches and the Insurance Authority to facilitate project owners in obtaining the necessary social insurance documents. The authority's representatives are now present in 22 branches of the agency across the governorates.

 

Additionally, the agency is helping project owners