In a significant step towards fostering inclusive economic growth, the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has announced a groundbreaking achievement: financing nearly 130,000 small and micro enterprises in Fayoum governorate since 2014, with a total investment of EGP 2.6 billion. These ventures have created over 177,000 jobs, underscoring the transformative impact of MSMEDA’s initiatives in one of Egypt’s most strategically important regions.
Bassel Rahmy, CEO of MSMEDA, shared these impressive statistics during a meeting with Fayoum Governor Ahmed El-Ansari, where the two officials discussed expanding cooperation to generate even more employment opportunities, particularly for youth and women. Their conversation centered on strengthening support for local entrepreneurs and fostering new industrial and agricultural projects that leverage Fayoum’s natural resources and untapped investment potential.
“This is a turning point for Fayoum,” Rahmy said. “By empowering local entrepreneurs, we’re not just creating jobs—we’re laying the foundation for a sustainable, diversified economy that can withstand future challenges.”
The partnership between MSMEDA and Fayoum was further solidified with the signing of two new contracts aimed at financing microenterprises in the region. The first, valued at EGP 30 million, was with the Small Enterprises and Community Development Association (SECDA), while the second, worth EGP 1.5 million, was signed with the Community Development Association in Monshaat Baghdadi. These agreements will fund both new and existing projects, with a special focus on agriculture and production.
In addition, the conference marked a key moment for social development, as ten work contracts were awarded to trainees from the EU-funded “Employment with Others” project. The initiative, implemented in collaboration with the Fatayat El-Ghad and Magd Masr associations, aims to mitigate the root causes of irregular migration by empowering participants with sustainable job opportunities.
The event also saw the recognition of several successful entrepreneurs, who were presented with certificates qualifying them to benefit from Egypt’s Enterprise Development Law No. 152 of 2020. This law provides incentives, financing, and technical support for businesses transitioning into the formal economy, and MSMEDA distributed checks to fund their ongoing and new ventures.
A standout initiative during the event was the “Creating Job Opportunities for Women in Upper Egypt” project, funded by the Spanish Agency for International Cooperation. As part of this initiative, five women received sewing machines to launch or expand home-based businesses. This effort aims to empower women in rural areas by providing them with the tools to generate income and contribute to the local economy.
Governor El-Ansari emphasized the strong, ongoing partnership between his office and MSMEDA, calling it a critical driver of economic transformation in Fayoum. “This collaboration is not just about financial support,” El-Ansari said. “It’s about fostering entrepreneurship and guiding businesses into the formal economy, which is key to long-term sustainable growth.”
Rahmy, for his part, reaffirmed MSMEDA’s commitment to supporting Upper Egypt’s economic development, noting that the agency’s efforts align closely with the priorities of Egypt’s political leadership. “The government’s focus on Upper Egypt, spearheaded by Prime Minister Mostafa Madbouly, is clear,” Rahmy remarked. “We are focused on providing both financial and technical support, helping local communities fully harness their potential and contribute to the national economy.”
The financing of small and micro enterprises has long been recognized as a key strategy to drive job creation and reduce poverty. As Egypt faces the challenges of global economic shifts and local demographic pressures, initiatives like those in Fayoum represent crucial steps toward fostering resilience, innovation, and equitable growth.
