The Micro, Small and Medium Enterprise Development Agency (MSMEDA) has pumped EGP 2.2bn into financing 51,000 projects in Alexandria from July 2014 to May 2025. Bassel Rahmy, CEO of MSMEDA, has stressed the agency's commitment to doubling the available funding for youth in Alexandria in the coming phase. This is part of an ambitious plan carried out in coordination with the governorate and partner entities to expand industrial and productive ventures across the city and create more decent, sustainable job opportunities for local youth. Rahmy's remarks came in celebration of Alexandria's National Day, where he highlighted the agency's focus on widening access to finance for both existing project owners and young entrepreneurs hoping to launch new ventures. He also emphasised MSMEDA's efforts to equip project owners with the technical support they need to ensure long-term stability and growth. He added that the agency will continue prioritising industrial and productive projects, working hand in hand with the Alexandria governorate to provide all necessary financial and technical backing to the city's industrial zones. Moreover, Rahmy explained that MSMEDA's strategic approach in the governorate aims to offer more financial and non-financial incentives and support, as stipulated in Law No. 152/2020 on enterprise development. The goal is to empower Alexandria's youth to fully capitalise on these services, start projects across various sectors, and seize promising investment opportunities in the area. He also noted the advantages provided by Law No. 6/2025, which grants several tax facilitations to project owners. The agency head also pointed to MSMEDA's active role in forging agreements with key partners across Alexandria, including the iconic Bibliotheca Alexandrina. The agency signed a cooperation agreement with the library last year to enhance collaboration and share knowledge and technical expertise, with the aim of advancing common goals—particularly in economic empowerment of women and promoting an entrepreneurial mindset among youth. Rahmy added that MSMEDA succeeded in channelling EGP 2.2bn into Alexandria between July 2014 and May 2025, funding 51,000 projects and generating over 110,000 diverse job opportunities. He also revealed that EGP 102m of this amount was allocated to infrastructure, community development and training projects, creating 718,000 workdays for irregular labourers.
