business : MSMEDA finances 2 million micro, small projects with EGP 51.2bn in 10 years

Monday 1 July 2024 08:00 AM

Nafeza 2 world - Basel Rahmi, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), announced that the agency has allocated EGP 51.2bn to fund 2 million micro and small projects from July 2014 to the end of April 2024. These projects have created approximately 3.1 million job opportunities.

During the same period, MSMEDA injected EGP 3.2bn into infrastructure, community development, and training projects. These initiatives aim to create a conducive environment for project growth and improve service quality in underserved communities, in collaboration with local authorities. The funds were directed towards labour-intensive activities, resulting in over 34.2 million workdays.

Rahmi emphasized that the small projects sector has seen significant growth over the past decade, driven by directives from the President to provide comprehensive financial and technical support to existing and aspiring small business owners. This support has been crucial in creating job opportunities for youth and graduates and promoting local products.

MSMEDA remains committed to working with relevant ministries and entities to enhance the contribution of small projects to the national economy. By helping entrepreneurs produce high-quality, competitive products, MSMEDA aims to strengthen their presence in local markets and expand globally. Prime Minister Mostafa Madbouly, who also chairs the agency, consistently stresses the importance of encouraging youth entrepreneurship and supporting innovators.

In celebration of the eighth annual Micro, Small, and Medium Enterprises Day, MSMEDA will announce new funding programs for innovative and youth- and women-led projects through its branches across all governorates. These initiatives mark the beginning of a new strategic plan that includes implementing the 2020 Small Projects Development Law (Law 152), raising awareness about its benefits, digitizing MSMEDA’s services in collaboration with major telecom companies, supporting innovative and entrepreneurial projects, and launching a comprehensive online platform for existing and aspiring entrepreneurs.

Rahmi also mentioned ongoing cooperation with international organizations to develop infrastructure in the neediest areas using labour-intensive methods. This approach not only employs irregular workers but also fosters a favourable environment for establishing and expanding small projects. The coming period will see an increased focus on green economy projects, heritage projects, and diverse training programs to develop a skilled workforce in line with market developments.

MSMEDA has allocated EGP 3.2bn to fund 119,900 micro and small projects in villages benefiting from the Decent Life initiative, creating 207,500 job opportunities. Of this funding, 78% was directed to Upper Egypt governorates.

Additionally, MSMEDA has issued 125,000 temporary licenses and 109,000 permanent licenses for new projects, regularized the status of approximately 18,000 diverse projects, and facilitated the issuance of 63,000 tax cards, 20,000 commercial registrations, 33,000 social insurance extracts, 61,000 client classification certificates, and 60,000 benefits certificates. The agency also provides various marketing and training services.

MSMEDA offers its services through branches in all governorates and invites youth to visit these branches or call 16733 to learn about the available financial and technical services, including training and assistance in project development and product marketing.

 

Get the latest news delivered to your inbox

Follow us on social media networks

PREV business : ABE loan portfolio reaches EGP 75.27bn in June 2024
NEXT companies : Computer scientist who falsely claimed he was Bitcoin creator referred to CPS