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Egypt injects EGP 32.3bn into 1.4 million small, micro projects over 7 years - Daily News Egypt

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Egypt injects EGP 32.3bn into 1.4 million small, micro projects over 7 years

Egypt’s SMEs Development Agency also provides over 400k services through its 33 branches nationwide

Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has injected EGP 32.3bn of funding into 1.4 million small and micro projects between July 2014 and May 2021.

The financing for the projects has helped provide over 2 million job opportunities, with the agency also pumping EGP 2.5bn of funding to implement infrastructure, community development, and training projects during the period. 

The latter financing has allowed about 30.4 million opportunities for daily employment among irregular workers across Egypt.

According to a statement, the agency said that the governorates of Upper Egypt received 44% of the total funding available for small and micro enterprises.

It added that loans directed to women represented 46% of the total loans provided by the agency to small and micro enterprises.

MSMEDA also provided over 400,000 services through its 33 branches nationwide, to assist project owners in the procedures for establishing their projects. 

This also aimed to help project owners obtain final and temporary licences, and undertake the procedures relating to the commercial register and tax cards, as well as other required documents.

The agency additionally organised 878 internal and external exhibitions, with the participation of more than 18,000 exhibitors, who achieved sales of EGP 360m.

In addition, more than 43,000 young men and women were trained in entrepreneurship skills, to familiarise them with the principles of establishing a small business. The training also gave them skills on preparing feasibility studies, a work plan, and principles of accounting and financial management.

MSMEDA issued a report titled “7 years of stability and development”, as part of the celebrations for the International Day for Micro, Small, and Medium Enterprises.

The report includes the most important activities carried out by the agency during the past seven years. In this time, the sector has witnessed unprecedented support from Egypt’s political leadership, represented by President Abdel Fattah Al-Sisi.

This was seen in doubling the volume of funding for this sector, equivalent to five times the percentage achieved annually before Al-Sisi became president.

Nevine Gamea, Minister of Trade and Industry and CEO of MSMEDA, said that the past seven years have witnessed many pressures and challenges, accompanied by an unprecedented series of successes and achievements.

President Al-Sisi has, since assuming the presidency, placed an unparalleled interest in accelerating the process of comprehensive economic and social development in all its aspects, taking on a responsibility to rebuild Egypt.

She explained that he has continuously directed for all state agencies and institutions to support development issues, for example, paying attention to youth projects, and advancing the capabilities of Egyptian women. 

This includes supporting their participation in economic development, expanding infrastructure and community projects to develop the Egyptian countryside, raising the standard of living for citizens, and providing a decent life for all.

Gamea indicated that MSMEDA in particular has received the President’s support, and developed a national programme for the sector’s advancement. This includes the development of plans and policies necessary to promote youth projects and entrepreneurship. 

She emphasised that the agency would not have succeeded in implementing its achievements and doubling its outputs across the country without the president’s support.

MSMEDA has enjoyed his great support during all stages of its work, and his increasing keenness to maximise the scope of its competencies and powers. It has now become one of the main mechanisms that contribute effectively to the implementation of presidential directions and initiatives, as well as national plans.

Topics: MSMEDA

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