Basel Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), announced that the agency financed 21,000 micro and small projects in the green economy sector from July 2014 to December 2024, with total investments reaching EGP 1.3bn. These projects have generated approximately 63,400 job opportunities, reinforcing MSMEDA's commitment to fostering environmental sustainability and green economic growth. Rahmy emphasized the agency's strategic role in Egypt's transition to a green economy, providing financial and technical support to entrepreneurs adopting eco-friendly practices. MSMEDA actively encourages small business owners to align their projects with environmental standards while promoting the establishment of sustainable, high-yield ventures. He highlighted the agency's ongoing collaboration with the Ministry of Environment under the directives of Prime Minister Mostafa Madbouly, who also chairs MSMEDA's board. This partnership ensures the integration of environmental considerations across all MSMEDA initiatives, aligning with Egypt's Vision 2030 and the national climate change strategy for 2050. Rahmy also noted MSMEDA's engagement with international institutions such as the World Bank, the European Union, and the United Nations Development Programme (UNDP). These collaborations help develop effective sustainability strategies, ensuring that MSMEDA-funded projects adhere to global best practices in environmental stewardship. As part of the government's dual-fuel vehicle replacement and conversion program, Rahmy announced that MSMEDA has allocated EGP 1.2bn to convert 150,000 vehicles to run on natural gas over the next three years. This initiative, implemented in collaboration with the Ministry of Petroleum and Mineral Resources, is being carried out through state-run companies Cargas and Gastec. The program aims to reduce fuel costs, lower emissions, and enhance vehicle efficiency. Additionally, MSMEDA is expanding its financing efforts for various eco-friendly projects, including: * Replacing traditional charcoal kilns with modern, environmentally friendly alternatives * Supporting the establishment of biogas units for clean energy production * Promoting agricultural waste recycling, such as compressing rice straw and cotton stalks * Investing in solar energy initiatives * Implementing environmental protection projects, including riverbank stabilization, waste recycling, rural road paving, and expanding clean water and sanitation networks Looking ahead, Rahmy confirmed that MSMEDA will continue prioritizing green projects in 2025, offering expanded financing options and tailored incentives to ensure long-term sustainability and growth.
