Egypt: MSMEDA finances 302,000 projects with $288mln in 18 months

The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) provided financial and non-financial services to 302,000 projects in the past 18 months, with a total value of EGP 8.9bn, according to its CEO Basil Rahmi.

Rahmi said that the agency financed 222,000 projects in 2022 with EGP 6.8bn, creating 370,000 jobs. In the first half of 2023, the agency financed 80,000 projects with EGP 2.1bn, creating 117,000 jobs.

Rahmi reviewed the agency’s achievements during a meeting held by Prime Minister Mostafa Madbouly at the government headquarters in New Alamein on Sunday evening.

He said that the agency also provided non-financial services to the projects, such as registering them in the suppliers’ register, networking them in commercial chains, training them in entrepreneurship, integrating them in business-to-business deals, assisting them in obtaining tax cards, commercial records, licenses, and certificates, and organizing local and international exhibitions for them.

He said that the agency helped 2,900 projects register in the suppliers’ register in 2022, with a total value of tenders of EGP 178m. In the first half of 2023, the agency helped 1,600 projects register in the suppliers’ register, with a total value of tenders of EGP 80m.