Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA) is amplifying its commitment to fostering youth entrepreneurship, showcasing significant milestones at the recent Knowledge Summit organized by the Mohammed bin Rashid Al Maktoum Knowledge Foundation. CEO Basil Rahmi highlighted the agency’s strategic efforts to develop its services and align with national economic goals during a key session titled “Youth Forging Their Way with Knowledge: From Job Seeking to Building Productive Communities.”
Rahmi emphasized MSMEDA’s adoption of advanced digital mechanisms to deliver both financial and non-financial services, aimed at empowering young people to launch and scale their ventures. He noted that this strategy is backed by strong governmental and legislative support, aligning with Egypt’s sustainable development objectives and adapting to rapid technological shifts.
Impressive Funding and Job Creation Milestones
Since 2022, MSMEDA has successfully injected EGP 22.7 billion in financing, a testament to its pivotal role in the ecosystem. This capital has fueled over 493,000 projects across various governorates, leading to the creation of more than one million job opportunities.
The agency has also demonstrated a strong focus on balanced regional development. Funding distribution has been strategically allocated, with 49% directed to projects in rural areas, 32% in tribal regions, 14% in urban centers, and 6% in border governorates.
Fostering Inclusivity and Skills Development
A core part of MSMEDA’s mandate is ensuring inclusive growth. Rahmi revealed that 47% of the total funding has been allocated to enterprises led by youth and women, empowering key demographics within the economy.
To bridge the gap between education and market demands, the agency has organized over 1,600 training programs, benefiting tens of thousands of individuals and enhancing their administrative and technical skills. Furthermore, MSMEDA has supported 1,200 innovative projects through its network of incubators and accelerators, directly tackling youth unemployment and promoting practical solutions to societal challenges, including recycling initiatives, environmental projects, and digital community services.
A Pan-Arab Vision for Entrepreneurship
Concluding his remarks, Rahmi affirmed that MSMEDA is eager to collaborate with counterpart agencies across the Arab world. He extended an open invitation to share expertise and exchange knowledge, aiming to strengthen the entrepreneurial landscape not only for the youth of Egypt but for the entire region.
About MSMEDA
The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) is an Egyptian governmental body dedicated to supporting and developing the SME sector. It provides a comprehensive suite of financial and non-financial services, including funding, training, and incubation, to foster entrepreneurship, create jobs, and contribute to the national economy’s sustainable growth.
Source: Maspero
