Egypt's Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has provided EGP 57.9bn ($1.2bn) in financing for projects over the past 11 years, creating approximately 3.4 million jobs across all governorates, its chief executive has said. Speaking at the first meeting of the "GAFI CLUB" series, an event organised by the General Authority for Investment and Free Zones (GAFI), Basel Rahmy said the agency is working to implement best practices to enhance the stability, development, and sustainability of SMEs and to help them overcome obstacles. Rahmy said the agency is implementing several policies to create a supportive investment and regulatory environment for entrepreneurship. This includes providing a range of financial and non-financial services and products that are tailored to the nature of the projects and the aspirations of the clients, in coordination with all relevant state entities. He pointed to the efforts of the Ministry of Finance and the Tax Authority to support the SME sector through the activation of Law 6 of 2025, which includes numerous tax incentives to encourage youth to pursue self-employment. He also noted the agency's venture capital financing programme, launched in partnership with the World Bank, which has achieved promising results. MSMEDA is currently coordinating the launch of the second phase of this programme. The agency's chief executive added that MSMEDA aligns with government directives to provide an integrated system of incentives to encourage informal projects to join the formal economy. This will enable them to access all the benefits granted by the state, while also supporting their digital and technological transformation and financial inclusion. The agency also works to enhance their competitiveness and prepare them for export to Arab, African, and international markets. The GAFI CLUB event, held in cooperation with the Egyptian Private Equity Association (EPEA), was titled "CAPITAL CALL" and focused on discussing the opportunities and challenges facing small and medium-sized enterprises.
