MSMEDA injects over EGP 50bn in less than 10 years

  • Date: 03-Apr-2024
  • Source: Daily News Egypt
  • Sector:Technology
  • Country:Egypt
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MSMEDA injects over EGP 50bn in less than 10 years

Basil Rahmi, CEO of the Micro, Small and Medium Enterprises Development Agency (MSMEDA), announced that from July 2014 to February 2024, the agency has disbursed over EGP 50bn in loans to small and micro enterprises across Egypt, creating more than three million job opportunities.

A significant portion of this funding, 47%, was directed to Upper Egypt’s governorates, reflecting their financial needs and developmental priorities. Following were the governorates of Nile Delta with 36%, urban regions with 12%, and border areas receiving 5%.

In MSMEDA’s recent statement, Rahmi highlighted the entrepreneurial sector’s “golden era” under President El-Sisi’s leadership. The president’s unparalleled focus on MSMEs led to numerous initiatives that bolstered both female and male entrepreneurs, providing a suite of services, tax breaks, incentives, and support measures to facilitate business startups.

A key initiative by President Sisi was the enactment of the new Enterprise Development Law No. 152 of 2020, establishing a robust framework and a supportive regulatory, legislative, and procedural climate for nurturing Egypt’s next generation of entrepreneurs.

Beneficiaries of the agency’s services over the last nine years have expressed gratitude for the significant growth in project development under President Sisi’s governance.

Rahmi also noted MSMEDA’s ongoing provision of non-financial services across Egypt through its one-stop-shop