Mostafa Hassan, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), has announced plans to strengthen the agency's mechanisms to support the growth and development of the enterprise sector. This will be achieved by providing an integrated package of financing, technical support, youth training, and capacity-building programmes to help businesses expand and adapt to economic changes.
MSMEDA aims to increase the size of its financing portfolio for micro, small, and medium-sized enterprises (MSMEs), with a particular focus on industrial and productive activities. This move is part of the agency's role in supporting the sector and strengthening its contribution to comprehensive economic development. The focus on industrial projects is in line with the state's strategy to empower locally manufactured products.
A meeting was organised by the Egyptian Businessmen's Association's MSME Committee with MSMEDA CEO Mostafa Hassan to discuss ways to support the private sector in complying with environmental requirements and international standards. The meeting also explored mechanisms to help businesses transition from the informal to the formal sector and promote feeder industries and supply chains.
During the meeting, MSMEDA presented its new strategy for supporting and developing the MSME sector and strengthening its competitiveness. Participants discussed mechanisms for expanding financing and non-financial services and providing greater support to businesses, particularly in marketing, exports, and digitalisation. The agency's strategy aims to strengthen businesses' ability to grow and expand, support entrepreneurs in implementing their ideas, and help companies access foreign markets.
MSMEDA will focus on providing tailored technical support to individual companies based on their specific needs, helping them expand and improve operational efficiency. The agency will also prepare companies for export and assist them in obtaining international quality certifications. This will enhance their competitiveness and increase their contribution to the national economy.
Mohamed Medhat, Deputy CEO of MSMEDA, revealed that industrial projects had received around 40% of the total financing recently provided by the agency. He also stated that MSMEDA had successfully obtained licences for around 2,500 companies and brought them into the formal sector within a short period, enabling them to benefit from incentives stipulated under Law No. 152.
The meeting covered several areas, including ways to support the private sector in complying with environmental requirements and international standards. Participants also discussed mechanisms for coordinating with business organisations to create new investment opportunities for feeder industries and facilitating the transition from the informal to the formal sector.
Key points
- MSMEDA aims to increase its financing portfolio for MSMEs, focusing on industrial and productive activities.
- The agency will provide tailored technical support to individual companies to help them expand and improve operational efficiency.
- Industrial projects have received around 40% of the total financing recently provided by MSMEDA.
