Latest news with #SmallandMediumEnterpriseDevelopmentAgency
Fintech News ME
06-06-2025
- Business
- Fintech News ME
Egypt Launches Standardised Reporting Framework for Startups and Investors
Egypt's Micro, Small and Medium Enterprise Development Agency (MSMEDA), backed by World Bank, has collaborated with several venture capital firms and the US-based platform to introduce a standardised portfolio reporting framework for startups and investors across the country. Led by Foundation Ventures, the initiative includes participation from Algebra Ventures, Sawari Ventures, Shorooq Partners, Endure Capital, Camel Ventures, DenVC, LoftyInc Capital, DisrupTech Ventures, and the Climate Resilient Africa Fund. The aim is to establish common metrics, reporting timelines, and formats, addressing the longstanding issue of inconsistent data practices within Egypt's startup ecosystem. Although Egypt's startup scene has expanded significantly in recent years, inconsistent reporting standards remain a key challenge. Startups frequently contend with producing varied reports to meet different investor requirements, while venture capital firms face difficulties in assessing portfolio performance due to the absence of unified benchmarks. The initiative seeks to simplify reporting processes for both general partners (GPs) and portfolio companies through a centralised data platform designed to enhance transparency, reliability, and operational efficiency. 'We are excited about enhancing Egypt's investment attractiveness by providing the necessary transparency to encourage foreign direct investment,' said Mazen Nadim, Managing Partner at Foundation Ventures. Following a competitive selection process, was chosen to develop and operate the platform. The company is working in partnership with Egyptian GPs to tailor the system to local requirements and workflows. The platform is expected to be fully implemented by the end of the second quarter of 2025, with the first comprehensive ecosystem report anticipated by mid-2026. By introducing a unified reporting framework, the effort is expected to ease administrative burdens for startups, provide greater clarity for investors, and strengthen Egypt's position as a destination for regional and international venture capital.
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.
Daily News Egypt
10-05-2025
- Business
- Daily News Egypt
EGP 920m invested in 31,000 youth projects in Damietta over 9 months: MSMEDA CEO
Bassel Rahmy, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), announced that nearly EGP 920m has been invested in youth-led projects across Damietta from July 2014 to March 2025. The funding supported the establishment and growth of approximately 31,000 micro, small, and medium enterprises, creating around 70,000 job opportunities. In addition, MSMEDA-backed infrastructure, community development, and training projects have generated 29,000 workdays for irregular laborers, laying the groundwork for further small business development. Rahmy emphasized Damietta's strategic industrial importance as one of the world's top centers for furniture and wood product manufacturing. He reiterated MSMEDA's commitment to providing comprehensive financial and technical services to support MSMEs in the governorate. He also praised the strong support of the Egyptian government and Prime Minister Mostafa Madbouly—who also chairs MSMEDA's board—for their commitment to bolstering existing businesses, expanding funding for new ventures, and fostering an environment conducive to private investment. These efforts aim to create decent and sustainable job opportunities for youth in Damietta and boost the contribution of local industries to economic development, whether for domestic needs or export markets. Speaking during Damietta's National Day celebrations, Rahmy noted that MSMEDA works actively to streamline access to services for both aspiring and existing entrepreneurs. Through its one-stop shop model, the agency has facilitated legal and administrative formalization for thousands of businesses in the governorate. Between July 2014 and March 2025, MSMEDA issued 1,492 temporary licenses for new businesses, along with 1,128 final operating licenses. The agency also processed 431 status adjustment permits and 146 final adjustment licenses for businesses seeking compliance under updated regulations. Additionally, it issued 371 tax cards and 571 commercial registrations, enabling entrepreneurs to begin operating formally. Social insurance coverage was secured for 336 businesses, while 1,121 classification certificates and 1,117 incentive eligibility certificates were also granted under the MSME support framework. Rahmy highlighted MSMEDA's ongoing partnership with the Damietta Governorate to organize the 'Made in Damietta' furniture exhibition, held multiple times each year in Cairo. Since its launch in 2016, the expo has achieved sales in the tens ofms of Egyptian pounds, helping to elevate the visibility of Damietta's furniture industry and drive commercial growth in the sector. He concluded by emphasizing MSMEDA's flexible and competitive financing options for industrial and productive projects, along with its strong institutional backing for business formalization. Entrepreneurs in Damietta are also encouraged to take advantage of incentives available under Law No. 152 of 2020, which governs the development of small and medium enterprises across Egypt.
Zawya
28-04-2025
- Business
- Zawya
MSMEDA injects $15.69mln into North, South Sinai to boost small projects
Egypt - Bassel Rahmy, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), announced that the Authority has injected approximately EGP 800m into North and South Sinai from July 2014 through the end of 2024. This financing has supported around 9,600 small and micro projects, generating over 23,000 job opportunities for the people of Sinai. Speaking on the occasion of Sinai Liberation Day, Rahmy reaffirmed MSMEDA's commitment to providing both financial and technical support to small enterprises in Sinai, leveraging their potential to create employment, particularly among youth. He emphasized that this effort aligns with directives from Prime Minister Mostafa Madbouly, who chairs the Authority's Board of Directors, and reflects the political leadership's vision for driving comprehensive development across Sinai, with a strong focus on empowering young graduates and women. Rahmy noted that MSMEDA's efforts extend beyond financial services, with a wide range of non-financial initiatives, including awareness campaigns, entrepreneurship training, marketing support, and participation in exhibitions. Special emphasis has been placed on empowering women economically and socially. The Authority has organised training courses in traditional crafts and handicrafts to enhance women's skills, alongside administrative and marketing training to enable them to manage their businesses effectively. Additionally, MSMEDA has worked to help female entrepreneurs market their products through prominent exhibitions such as 'Turathna' (Our Heritage). It has also provided capacity-building training for associations and organisations that support handicraft industries in Sinai, enhancing their competitiveness. Rahmy revealed that preparations are underway to provide trained women with modern sewing machines, along with specialised training on their use, in collaboration with the Spanish Agency for International Development Cooperation. Looking ahead, Rahmy explained that MSMEDA has an ambitious plan to continue expanding small and micro enterprises across Sinai, providing comprehensive support for new and existing projects. He confirmed that MSMEDA's regional branches, working in partnership with universities, educational directorates, and civil society organisations, have launched free training courses aimed at equipping Sinai's youth with the skills needed to start and manage their own businesses. These programmes help participants choose project ideas suited to their experience and academic backgrounds, secure financing, and establish productive enterprises that leverage Sinai's rich natural resources. Rahmy also highlighted the Authority's efforts to familiarise citizens with the incentives offered under Law 152/2020 on the Development of Medium, Small, and Micro Enterprises. By transitioning from the informal to the formal sector and obtaining official classification certificates, entrepreneurs can access a wide range of government services and benefits designed to help grow and expand their businesses.
Daily News Egypt
27-04-2025
- Business
- Daily News Egypt
MSMEDA injects EGP 800m into North, South Sinai to boost small projects
Bassel Rahmy, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), announced that the Authority has injected approximately EGP 800m into North and South Sinai from July 2014 through the end of 2024. This financing has supported around 9,600 small and micro projects, generating over 23,000 job opportunities for the people of Sinai. Speaking on the occasion of Sinai Liberation Day, Rahmy reaffirmed MSMEDA's commitment to providing both financial and technical support to small enterprises in Sinai, leveraging their potential to create employment, particularly among youth. He emphasized that this effort aligns with directives from Prime Minister Mostafa Madbouly, who chairs the Authority's Board of Directors, and reflects the political leadership's vision for driving comprehensive development across Sinai, with a strong focus on empowering young graduates and women. Rahmy noted that MSMEDA's efforts extend beyond financial services, with a wide range of non-financial initiatives, including awareness campaigns, entrepreneurship training, marketing support, and participation in exhibitions. Special emphasis has been placed on empowering women economically and socially. The Authority has organised training courses in traditional crafts and handicrafts to enhance women's skills, alongside administrative and marketing training to enable them to manage their businesses effectively. Additionally, MSMEDA has worked to help female entrepreneurs market their products through prominent exhibitions such as 'Turathna' (Our Heritage). It has also provided capacity-building training for associations and organisations that support handicraft industries in Sinai, enhancing their competitiveness. Rahmy revealed that preparations are underway to provide trained women with modern sewing machines, along with specialised training on their use, in collaboration with the Spanish Agency for International Development Cooperation. Looking ahead, Rahmy explained that MSMEDA has an ambitious plan to continue expanding small and micro enterprises across Sinai, providing comprehensive support for new and existing projects. He confirmed that MSMEDA's regional branches, working in partnership with universities, educational directorates, and civil society organisations, have launched free training courses aimed at equipping Sinai's youth with the skills needed to start and manage their own businesses. These programmes help participants choose project ideas suited to their experience and academic backgrounds, secure financing, and establish productive enterprises that leverage Sinai's rich natural resources. Rahmy also highlighted the Authority's efforts to familiarise citizens with the incentives offered under Law 152/2020 on the Development of Medium, Small, and Micro Enterprises. By transitioning from the informal to the formal sector and obtaining official classification certificates, entrepreneurs can access a wide range of government services and benefits designed to help grow and expand their businesses.
