President instructs enhancement of MSMEDA activities

Gamea reviews agency's most prominent future trends to collect more funding, draft new law for development of SMEs, microenterprises

President Al-Sisi met on Saturday with Prime Minister, Moustafa Madbouly, and the chairperson of Micro, Small and Medium Enterprises Development Agency,(MSMEDA), Nevine Gamea.
The official spokesperson for the presidency, ambassador Bassam Rady, said that the president has instructed the enhancement of the activities of the MSMEDA as one of the state's mechanism to generate jobs, increase employment rates, and support the economic security network, especially through the efforts of the agency to improve social development projects.
The president also stressed the state's belief in the great role played by small, medium and micro projects as a driver of development, ordering to continue developing the sector of small and medium-sized enterprises (SMEs) to maximise its contribution toward propelling economic development.
The spokesperson explained that the meeting reviewed the achievements of the agency over the past five years to provide services supporting SMEs and implementing its various projects, whether through offering non-financial services, or entrepreneurship and issuing commercial records.
The meeting also tackled the efforts of the agency to provide the necessary financial resources, including direct funding, through several partnerships with national and regional parties without burdening the state budget with any financial burdens.
The agency injected about EGP 21.4bn to fund about one million small and micro projects which provided about 1.5 million jobs.
During the meeting, Gamea reviewed the future trends of the agency, most prominently, the mobilisation of more funding from the bodies providing it, and completing the drafting of a new law for developing small, medium and micro enterprises, as well as the relevant national strategy which works to put forward a vision of the map of projects related to imported products.
The government trends also include establishing industrial complexes; deepening the industry; maximising the economic and social empowerment of women; spreading the culture of entrepreneurship and self-employment; marketing products through internal and external exhibitions; increasing livestock and agricultural projects, and promoting handicrafts and heritage in governorates.