Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has signed a Memorandum of Understanding (MoU) with the Egyptian Regulatory Reform and Development Activity (ERRADA) initiative to enhance the legislative and regulatory environment for the country’s entrepreneurs. The partnership aims to formally measure the legislative impact of Law No. 152 of 2020, a key piece of legislation designed to support the growth of MSMEs.
The agreement, witnessed by Dr. Rania Al-Mashat, Minister of Planning and Economic Development, marks a significant step in the government’s ongoing efforts to foster a more supportive ecosystem for small and medium-sized enterprises, driving sustainable economic growth and innovation.
Strengthening The Regulatory Framework
The core objective of the MoU is to conduct a thorough legislative impact assessment of Law 152/2020. This will provide data-driven insights into how the law has affected business owners, helping policymakers refine the framework to better support entrepreneurs in scaling their ventures.
Dr. Rania Al-Mashat emphasized the importance of this collaboration, stating that it aligns with the government’s direction to improve legislative efficiency, empower entrepreneurs, and enhance their ability to compete in both local and international markets.
“Developing the legislative and regulatory framework for the MSME ecosystem is no longer just a reform step; it has become a necessity to enhance the economy’s ability to cope with rapid global changes,” said Dr. Al-Mashat. “The Ministry is working to formulate more integrated policies linked to national priorities for sustainable development.”
A Strategic Push For Economic Growth
The minister highlighted that the MSME sector is a fundamental pillar of the national economy and supporting it is a top priority in the state’s development plan. She noted its crucial role in increasing productivity, stimulating innovation, and economically empowering youth and women.
Basil Rahmi, CEO of MSMEDA, reinforced this view, stressing the agency’s commitment to coordinating with all relevant entities to create an environment that encourages citizens, and particularly entrepreneurs, to maximize their contribution to the national economy.
“This MoU will enhance cooperation to support the entrepreneurial environment and strengthen the ability of startups to achieve sustainable, accelerated economic growth based on competitiveness and knowledge, which contributes to creating decent job opportunities,” Rahmi commented.
He added that the partnership with ERRADA will positively contribute to developing a stimulating environment for MSMEs, thereby improving the efficiency of decision-making and increasing the competitiveness of this vital economic sector.
About The Micro, Small, and Medium Enterprises Development Agency (MSMEDA)
The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) is an Egyptian governmental body responsible for developing and supporting MSMEs. It provides a comprehensive range of financial and non-financial services to foster entrepreneurship, create jobs, and contribute to the economic development of Egypt.
About The Egyptian Regulatory Reform and Development Activity (ERRADA)
ERRADA is a key initiative under the Egyptian Ministry of Planning and Economic Development. Its primary mission is to review and simplify the business-related legislative and regulatory framework in Egypt, aiming to improve the overall business climate, reduce administrative burdens on investors, and attract further investment.
Source: Al-Borsa News
