Basel Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and Adel El-Naggar, Governor of Giza, attended the signing of a microfinance contract between MSMEDA and the Egyptian Small Enterprise Development Foundation (ESED). Under this agreement, MSMEDA will provide EGP 50m in funding to ESED, aimed at supporting both existing and new micro-projects. The funds will be utilized for financing working capital, as well as facilitating the acquisition of machinery and equipment. The contract was formally signed by Nevin Badr El-Din, Head of the Central Sector for Microfinance at MSMEDA, and Maher Hamzawy, Chairperson of ESED. Badr El-Din highlighted that the initiative primarily targets young entrepreneurs, both men and women, with financing extending up to EGP 242,000 per beneficiary. Notably, 40% of the allocated funds will be directed towards projects in industrial and agricultural production, reinforcing the agency's commitment to bolstering these critical sectors. This initiative aligns with ongoing collaborative efforts between MSMEDA and various governorates to support small and medium-sized enterprises (SMEs), ultimately contributing to the state's strategic objective of fostering sector growth and strengthening its role in the national economy. In a parallel development, MSMEDA's CEO and the Governor of Giza signed an infrastructure development contract for the Mit Okba area, with a total funding of EGP 20m. This project falls under the Urban Upgrading Program for Unplanned Areas in Egypt, financed by the European Union with an additional grant delegated to the French Development Agency. Rahmy emphasized that the new contract will facilitate the completion of Mit Okba's redevelopment, including the replacement and renewal of 6,900 meters of drinking water networks. The project is expected to directly benefit over 21,000 residents and create 14,000 daily job opportunities for irregular workers. Rahmy further underscored the importance of sustained collaboration between MSMEDA and the Giza Governorate to implement projects that cater to citizens' needs. He noted that, under this agreement, the agency has successfully executed multiple projects within the governorate, amounting to EGP 216.5m in funding. Governor El-Naggar affirmed that the protocol reflects the governorate's dedication to enhancing public services and fostering tangible improvements in citizens' quality of life. He also reiterated the importance of continued cooperation between the Giza Governorate and MSMEDA in executing various initiatives under the urban upgrading program. These efforts focus on the development of slums, enhancement of essential infrastructure, and provision of well-maintained roads, water, and lighting systems—critical factors in enabling residents to launch new small businesses or sustain their existing ventures. Walid Darwish, Head of the Central Sector for Community Development at MSMEDA, elaborated that the urban upgrading program in unplanned areas is part of a broader set of initiatives undertaken in collaboration with international organizations. These projects aim to improve infrastructure across multiple governorates, prioritizing regions most in need of such interventions. Through these efforts, MSMEDA contributes significantly to raising living standards and fostering economic growth at the grassroots level.
