Basil Rahmi, CEO of the Micro, Small, and Medium Enterprise Development Authority (MSMEDA), revealed that the authority successfully injected EGP 6bn into Egypt's medium, small, and microenterprise sector during 2024. This represents a 13% increase compared to the previous year. Rahmi emphasized the authority's commitment to significantly ramping up its financing efforts in 2025, with a goal to double the amount allocated, particularly targeting productive industrial projects and expanding support in border regions and Upper Egypt. In his statement, Rahmi reaffirmed MSMEDA's determination to continue driving growth for medium, small, and micro enterprises in 2025. The authority plans to enhance both financial and non-financial services, including marketing support, to inspire young people and recent graduates to embark on self-employment ventures or scale up their existing businesses. These efforts aim to foster sustainable job creation, increase productivity across diverse sectors, and strengthen the contribution of these enterprises to Egypt's overall economic development. The authority made strides in 2024 by expanding financing for small and micro enterprises nationwide. MSMEDA signed 13 new contracts worth EGP 878m with nine financing entities, such as Aman, Enmaa, Kredit, and two banks—the National Bank of Egypt and United Bank. It also finalized 41 additional contracts to fund micro-enterprises, totaling around EGP 900m, in collaboration with companies and NGOs like Tanmia for Microenterprise Services and Al-Kheir for Microfinance. Rahmi also highlighted the authority's continued efforts to implement Law 152/2020 on Small Enterprise Development. In coordination with various state ministries, MSMEDA facilitated the formalization of informal businesses, securing a three-year extension for enterprises to regularize their status. Moreover, agreements with the National Authority for Social Insurance ensured that enterprises in the process of regularization would not be required to make contributions until they obtained their licenses. Collaboration with the Ministry of Finance further extended tax incentives to small business owners. In 2024, MSMEDA's one-stop-shop units issued approximately 13,000 classification certificates and over 12,000 benefit certificates, enabling business owners to access the advantages of the law. More than 2,600 temporary licenses were also granted, allowing informal projects to benefit from the law's facilitation measures. Rahmi emphasized the authority's goal for 2025 to expand outreach to more small and micro enterprises, ensuring their inclusion in the formal economy. A key milestone in 2024 was the establishment of a new export division within MSMEDA, aimed at supporting small and medium enterprises in reaching international markets. The division is designed to help entrepreneurs market their products and connect with potential global buyers. Additionally, MSMEDA successfully expanded the participation of small businesses in government tenders, while also securing several memorandums of understanding with African and European countries to open new markets for Egyptian exports. Furthermore, MSMEDA continued to promote entrepreneurship through a series of strategic partnerships, including signing memorandums of understanding and creating joint programs to foster an entrepreneurial culture. The authority also bolstered its support for startups by contributing to multiple large investment funds, such as a $2.5m investment in the Growth Capital Ventures 2 fund and $3m for the Foundation Ventures fund.
