49% of Egypt’s MSMEDA projects target women in 7 months

Nearly half of the projects supported by the Egyptian Micro, Small, and Medium Enterprises Development Authority (MSMEDA) have been targeted on women entrepreneurs and Upper Egypt, said CEO Bassel Rahmy on Sunday.

In a meeting with Prime Minister Moustafa Madbouly, Rahmy detailed MSMEDA’s accomplishments during the first seven months of 2024. He revealed that 49 per cent of the Authority’s projects were specifically designed to support women entrepreneurs, while another 49 per cent were focused on Upper Egypt.

Furthermore, Rahmy emphasised that 70 per cent of the funding allocated to medium-sized projects was directed towards the industrial and agricultural sectors, demonstrating MSMEDA’s commitment to fostering economic growth in these key areas. Additionally, 48 per cent of the funding was provided to entrepreneurs aged 40 and younger, reflecting the Authority’s focus on supporting emerging talent.

Throughout the first 7 months of 2024, MSMEDA provided a wide range of services to its clients through its 31 regional offices. These services included financial support for various types of projects, from small-scale initiatives to medium-sized enterprises.

Moreover, the Authority allocated 2.8 billion Egyptian pounds to finance approximately 920 small projects, creating over 9,250 jobs. Additionally, 10 medium-sized projects were funded, leading to the creation of 1,270 jobs. The MSMEDA also supported 41,500 micro-projects, generating approximately 115,000 job opportunities.

Beyond financial assistance, MSMEDA also invested in infrastructure, community development, and training programmes, contributing to a total of 182,300 workdays. This comprehensive approach has played a crucial role in driving economic growth and creating new opportunities in Egypt.

For his part, Prime Minister Madbouly reiterated the government’s strong support for the small and medium enterprise (SME) sector. He emphasised the state’s commitment to providing comprehensive assistance to help SMEs thrive and contribute to Egypt’s economic growth.

To demonstrate this commitment, the prime minister announced plans to visit several SME projects in the near future.

Attribution: The Egyptian Cabinet