The Micro, Small, and Medium Enterprises Development Authority (MSMEDA) has invested EGP 11.9 billion to support small businesses across Upper Egypt, with a significant focus on empowering women entrepreneurs. This initiative is in line with Egypt’s broader economic strategy, led by Prime Minister Dr. Mostafa Madbouly, to improve the living standards of Southern Egypt’s residents and foster inclusive economic growth. Through this effort, MSMEDA is working to tap into the region’s potential, particularly by investing in women’s entrepreneurial activities.
Basil Rahmy, the CEO of MSMEDA, emphasized the authority’s commitment to developing Egypt’s Southern governorates, including Minya, Fayoum, and Beni Suef. Rahmy made these remarks on the occasion of the national celebrations held in March in these regions, underlining the government’s proactive approach to supporting entrepreneurs, particularly youth, and facilitating the creation or development of new businesses.
Impactful Investments Driving Job Creation
Since the period from July 2014 to December 2024, MSMEDA’s efforts have generated tangible results, with a total investment of 11.9 billion EGP aimed at fostering small and micro-enterprises. Rahmy highlighted that these investments had successfully provided 826,300 direct job opportunities in these regions, as well as millions of indirect job opportunities for informal workers, thereby significantly improving the quality of life for residents.
Collaborating with International Partners for Sustainable Development
MSMEDA has worked with international development partners to fund essential infrastructure projects in Minya, Beni Suef, and Fayoum. Rahmy revealed that these projects created 7.9 million person-days of work and have been designed to meet the pressing needs of local communities, with a focus on labor-intensive processes instead of machinery, ensuring that informal workers benefit from these projects.
The partnership model emphasizes community-driven development, ensuring the involvement of local workers and industries while addressing urgent regional needs. Rahmi noted that MSMEDA’s approach continues to be tailored to the unique circumstances of each area, contributing significantly to reducing unemployment in Upper Egypt.
Streamlining Business Licensing and Regulation
MSMEDA has also made strides in simplifying business operations for small enterprises in Upper Egypt by introducing the “One-Stop-Shop” service for licensing and formalizing informal businesses. Rahmi stated that the authority has issued approximately 21,000 licenses for small businesses and helped bring informal businesses into the formal economy. Additionally, over 15,000 classification certificates have been issued to enable businesses to benefit from the provisions of the 2020 Micro, Small, and Medium Enterprises Development Law (Law 152/2020).
By streamlining licensing procedures and integrating businesses into the formal economy, MSMEDA has further solidified its role in promoting an entrepreneurial environment that supports small businesses and encourages growth across the country.
A Continued Commitment to Sustainable Economic Development
In conclusion, Rahmi underscored that MSMEDA’s efforts reflect a firm commitment to supporting the economic and social development of Upper Egypt, particularly through empowering youth and women as entrepreneurs. The authority remains dedicated to providing ongoing support for small and micro-enterprises, playing an integral role in the region’s path toward sustainable development.
