Latest news with #MSMEDA
Daily News Egypt
3 hours ago
- Business
- Daily News Egypt
MSMEDA injects EGP 17.4bn into 900k women-led enterprises over past decade: CEO
Bassel Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), announced that the agency has allocated EGP 17.4bn over the past 10 years to support women-led micro and small enterprises across Egypt. This funding has empowered around 900,000 projects and contributed to the creation of approximately 1.2 million job opportunities. Rahmy highlighted that 54% of the total funding—equivalent to EGP 9.4 billion—was channelled into projects located in Upper Egypt, border governorates, and other underserved areas most in need of development. He emphasised the agency's determination to double this financing in the coming period, in line with government efforts to enhance women's economic participation and unlock their potential as drivers of national growth. The announcement was made during the 'Women in SMEs' Conference, organised by the Women Entrepreneurs Club under the patronage of MSMEDA. The event gathered representatives from leading financial institutions, entrepreneurship support organisations, ambassadors, and distinguished female leaders from across various economic sectors. In his remarks, Rahmy reiterated MSMEDA's commitment to working in close coordination with government bodies, civil society organisations, and development partners to further empower women economically. He stressed the importance of supporting women not only in launching new enterprises, but also in expanding and developing existing ones across industrial and service-based sectors. This approach, he noted, aims to cultivate a new generation of pioneering women entrepreneurs who can contribute meaningfully to Egypt's economic transformation. Rahmy also underlined the significance of the agency's participation in such conferences, as they serve as platforms to exchange expertise, share successful models, and align with international best practices—particularly in relation to the SME sector and women's empowerment. These efforts, he said, are central to Egypt's development agenda and are fully aligned with Egypt Vision 2030 and the United Nations Sustainable Development Goals. During the event, Rahmy presented the full range of services MSMEDA offers to support entrepreneurs, including both financial and non-financial assistance. He noted the agency's ongoing efforts to expand the accessibility of its services across the country, especially for women and young people, by leveraging digital transformation tools and platforms. Mona Mourad, Founder and CEO of the Women Entrepreneurs Club, affirmed the Club's commitment to enhancing the capabilities of Egyptian women and enabling them to take the lead in medium and large-scale enterprises. She pointed to the conference's collaboration with the American University in Cairo's Centre for Entrepreneurship and Innovation and Alcatel-Lucent as a prime example of how public-private-academic partnerships can accelerate women's leadership in digital transformation and institutional growth. Mourad commended MSMEDA for its pivotal role in building the capacities of women across various economic activities, particularly by supporting productive, sustainable projects. She added that the agency's presence at the event reflects the growing synergy between state institutions and development actors, both local and international, in creating a thriving ecosystem for female entrepreneurship. In recognition of their success, Rahmy honoured several women who have built notable businesses with MSMEDA's support. Among them was Yasmin El-Sweifi, who owns a thriving restaurant chain in Cairo; Mona Sami, who founded a business producing educational and interactive toys; and Sherine Saleh, who established a manufacturing project for medical and cosmetic supplies. Their achievements, Rahmy said, are a testament to the transformative impact of targeted support and inclusive development policies.
Daily News Egypt
02-06-2025
- Business
- Daily News Egypt
MSMEDA, JICA launch 2nd phase of technical cooperation programme to support 20 industrial projects
The Micro, Small and Medium Enterprise Development Agency (MSMEDA) has launched the second phase of its joint technical cooperation programme with the Japan International Cooperation Agency (JICA), aimed at enhancing the competitiveness of small industrial projects in Egypt. The new phase will focus on 20 enterprises across Minya and Alexandria governorates, particularly in the food processing and plastic manufacturing sectors. Bassel Rahmy, CEO of MSMEDA, reaffirmed the agency's commitment to fostering partnerships with international development institutions as a means of supporting Egypt's small enterprise sector—especially industrial and productive ventures. He emphasized that such collaborations enhance the competitiveness of local businesses, empower domestic industries, and help create sustainable employment opportunities for youth. Rahmy made his remarks during a meeting with Masami Yamamori, a member of JICA's expert team, and senior MSMEDA officials led by Deputy CEO Raafat Abbas. The meeting marked the official launch of the second phase of the cooperation programme, which is part of a broader initiative to strengthen business development services for Egyptian enterprises. 'This second phase reflects the continued confidence of international institutions in Egypt's economy and its promising investment environment,' Rahmy said. He added that MSMEDA and JICA have agreed to maintain close cooperation to support industrial and productive enterprises in both Minya and Alexandria. The programme will involve business development service providers who will offer technical support to factory owners, enabling them to scale their operations and access global markets. Deputy CEO Raafat Abbas explained that the second phase of the programme aims to enhance the operational efficiency and productivity of participating businesses. In Minya, the focus will be on food processing enterprises, while in Alexandria, it will target plastic manufacturing businesses located in the Al-Merghem industrial zone. He noted that implementation is already underway, with a series of workshops organized for service providers and business owners. Abbas added that Japanese experts are currently conducting on-site visits to participating factories to deliver technical consultations and propose practical solutions. These visits are part of a sustained effort to help business owners adopt more efficient operating models and improve overall performance. The projects will be closely monitored over the coming months to track progress and ensure results. The first phase of the cooperation programme, which has already been completed, involved 14 projects that received tailored business development support from both Japanese and Egyptian consultants. Lessons learned from that phase are now being applied to expand the initiative's impact in the second stage.
CairoScene
01-06-2025
- Business
- CairoScene
Egypt's VCs Unite on First Standard Reporting with MSMEDA Backing
For the first time globally, all venture funds in a single market have aligned to set best practices and unify reporting standards. Jun 01, 2025 In a first-of-its-kind move around the globe, Egypt's top venture capital firms have aligned to adopt a unified platform for portfolio company reporting. Spearheaded by Foundation Ventures in collaboration with MSMEDA and the World Bank, the initiative includes Algebra Ventures, Camel Ventures, Sawari Ventures, Shorooq Partners, and others, marking the first time an entire VC ecosystem in one country has agreed on standardised metrics and reporting practices. The initiative aims to streamline data collection and improve transparency across the startup ecosystem, addressing long-standing inefficiencies in how performance is tracked and communicated. This effort is intended to build consistency in reporting and create a shared language between startups, investors, and stakeholders. 'This initiative sets a precedent for emerging markets globally,' Mazen Nadim, Managing Partner of Foundation Ventures, tells StartUpScene. 'We are excited about enhancing Egypt's investment attractiveness by providing the necessary transparency to encourage foreign direct investment as well as more opportunities for local startups to access capital.' US-based platform was selected by all participating General Partners following a rigorous evaluation process, with implementation expected by mid-2025.
Zawya
22-05-2025
- Business
- Zawya
Latvia's CFLA explores partnership opportunities with Egypt's MSMEDA
Egypt - A delegation from Latvia's Central Finance and Contracting Agency (CFLA) visited the headquarters of Egypt's Micro, Small, and Medium Enterprise Development Agency (MSMEDA) in Cairo to explore potential areas of cooperation. The visit was arranged in coordination with the Latvian Embassy in Egypt. Bassel Rahmy, CEO of MSMEDA, said that the meeting builds on the growing ties between the two sides, which began in December when Latvia participated in the 'Turathna' (Our Heritage) exhibition for handicrafts and heritage products. Discussions focused on aligning Latvia's development cooperation initiatives with Egypt's national priorities—particularly in SME support, digital transformation, and capacity-building. The Latvian delegation reviewed CFLA's experience in providing technical assistance to the SME sector. Both parties also discussed launching joint projects in the near future, including youth and women-focused training programs, support for business incubators and accelerators, and expanded institutional collaboration. Rahmy reaffirmed MSMEDA's commitment to working with international development partners to strengthen Egypt's SME sector. He emphasized the importance of exchanging expertise and implementing bilateral programs that enhance local entrepreneurship and facilitate access to international markets. The Latvian Embassy expressed strong interest in learning more about MSMEDA's operations, project mechanisms, and areas for future cooperation. The meeting was attended by MSMEDA Deputy CEOs Raafat Abbas and Hatem El-Ashry, along with Ieva Juste, Commercial Affairs Officer at the Latvian Embassy in Cairo.
Daily News Egypt
21-05-2025
- Business
- Daily News Egypt
Latvia's CFLA explores partnership opportunities with Egypt's MSMEDA
A delegation from Latvia's Central Finance and Contracting Agency (CFLA) visited the headquarters of Egypt's Micro, Small, and Medium Enterprise Development Agency (MSMEDA) in Cairo to explore potential areas of cooperation. The visit was arranged in coordination with the Latvian Embassy in Egypt. Bassel Rahmy, CEO of MSMEDA, said that the meeting builds on the growing ties between the two sides, which began in December when Latvia participated in the 'Turathna' (Our Heritage) exhibition for handicrafts and heritage products. Discussions focused on aligning Latvia's development cooperation initiatives with Egypt's national priorities—particularly in SME support, digital transformation, and capacity-building. The Latvian delegation reviewed CFLA's experience in providing technical assistance to the SME sector. Both parties also discussed launching joint projects in the near future, including youth and women-focused training programs, support for business incubators and accelerators, and expanded institutional collaboration. Rahmy reaffirmed MSMEDA's commitment to working with international development partners to strengthen Egypt's SME sector. He emphasized the importance of exchanging expertise and implementing bilateral programs that enhance local entrepreneurship and facilitate access to international markets. The Latvian Embassy expressed strong interest in learning more about MSMEDA's operations, project mechanisms, and areas for future cooperation. The meeting was attended by MSMEDA Deputy CEOs Raafat Abbas and Hatem El-Ashry, along with Ieva Juste, Commercial Affairs Officer at the Latvian Embassy in Cairo.
