Bassel Rahmy, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), announced that the agency has disbursed a total of EGP 57.5bn in funding for micro, small, and medium enterprises from July 2014 to May 2025. This figure marks a substantial increase compared to pre-2014 levels and reflects the state's intensified support for the sector since President Abdel Fattah Al-Sisi took office. Rahmy noted that this funding has contributed to the creation of more than 3.4 million job opportunities for Egyptian men and women, underpinning the agency's role in promoting employment and entrepreneurship nationwide. He added that 47% of total funding was channelled to governorates in Upper Egypt, aligning with the region's development priorities and financial needs. The announcement coincided with the celebration of World Micro, Small and Medium-sized Enterprises Day, held annually on 27 June. Rahmy highlighted the state's strategic commitment to supporting the small enterprise sector through comprehensive care, funding mechanisms, and the creation of an enabling environment that fosters the establishment and growth of industrial and productive projects. Since President Al-Sisi's inauguration, Rahmy explained, the state has launched numerous initiatives aimed at supporting citizens and encouraging them to embrace entrepreneurship and self-employment as a path to economic empowerment. These efforts reflect a deep understanding by the political leadership of the sector's critical role in driving economic development and industrial advancement. He emphasised that all relevant government bodies have worked in coordination to enhance the investment climate for small businesses, thereby maximising their contribution to the national economy. These efforts are in line with the directives of Prime Minister Mostafa Madbouly, who also chairs MSMEDA's Board of Directors. Rahmy also pointed to landmark progress in 2025, including successful cooperation with the Ministry of Finance and the Egyptian Tax Authority to implement Law No. 6 of 2025. The law addresses longstanding tax challenges for small businesses and introduces several key facilitations—most notably a simplified tax regime starting with a rate of 0.4% of annual turnover for businesses generating up to EGP 500,000, scaling up to 1.5% for those with turnover between EGP 10m and EGP 20m. The law also offers exemptions from stamp duties and other taxes. He affirmed MSMEDA's active role in integrating the informal economy into the formal sector through structured plans to regularise and legalise informal enterprises. These efforts are aimed at ensuring long-term project sustainability, improving productivity, and enabling access to the benefits offered under Law No. 152 of 2020 on Enterprise Development. The agency provides documentation and licensing services to help businesses operate legally, paving the way for them to access incentives such as marketing support and eligibility for the government's 40% procurement allocation to small enterprises. In the area of capacity building, Rahmy noted that MSMEDA has provided entrepreneurship training to more than 83,000 individuals. This initiative seeks to foster a new generation of skilled and capable entrepreneurs across Egypt. To enhance product marketing and commercial exposure for its clients, MSMEDA has organised 1,441 exhibitions featuring 32,492 project owners. These events generated total sales and contract values exceeding EGP 2.1bn. Rahmy concluded by calling on young people to take initiative by visiting the agency's branches across governorates or accessing its website to learn more about its financial and technical services. These services, he said, can support aspiring entrepreneurs in launching or expanding businesses across a wide range of sectors. World MSME Day was officially designated by the United Nations on 27 June following a proposal submitted by Egypt in 2016 via the World Association for Small and Medium Enterprises. The day aims to celebrate and recognise MSMEs globally as a fundamental pillar of economic growth and stability.
