Egypt offers EGP 28b to support young people

The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) CEO Bassel Rahmy emphasised the agency’s commitment to youth empowerment, offering diverse financial and technical support to encourage entrepreneurship.

Over the past decade, the MSMEDA has provided 28 billion Egyptian pounds in funding for youth projects across Egypt, supporting approximately 1.2 micro, small, and medium enterprises and creating 1.8 million jobs. This funding represents 59 per cent of all projects financed by the agency.

Rahmy also highlighted MSMEDA’s collaboration with the World Bank Group to launch Egypt’s first investment programme for start-up companies, a critical initiative for the economy’s future. This programme has supported 140 companies, half of which are youth-led, and has created and preserved 30,000 jobs, with 34 per cent benefiting women.