MSMEDA injects EGP6b into MSMEs in ’24, targets doubling in ’25

Egypt’s Micro, Small, and Medium Enterprise Development Agency (MSMEDA) allocated 6 billion Egyptian pounds to micro, small, and medium-sized enterprises (MSMEs) throughout 2024, a 13 per cent increase from 2023.

This funding included 13 contracts worth 878 million Egyptian pounds with nine companies and two banks, and 41 contracts totaling 900 million Egyptian pounds with non-governmental organisations (NGOs) and microfinance firms, according to a Cabinet statement on Wednesday.

MSMEDA issued 13,000 classification certificates, over 12,000 benefit certificates, and 2,600 temporary licences for informal businesses to legalise their status. The agency facilitated 600 entrepreneurship seminars for 40,000 attendees and trained over 10,000 individuals on business skills.

Moreover, the agency invested $5.5 million in two venture funds and disbursed 120 million Egyptian pounds for infrastructure projects, creating 350,000 workdays and employing 2,280 individuals. In addition, 18,500 projects received 1.5 billion Egyptian pounds in funding, generating 62,000 jobs.

MSMEDA also supported 139 exhibitions, including the sixth Torathna (Our Heritage) Fair, and expanded small enterprise sales in government tenders, aiming to double funding and reach more MSMEs in 2025.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser