CEO of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), Basel Rahmy, emphasized the agency’s commitment to providing a wide range of financial and technical support to entrepreneurs and startup owners. This support aims to equip them with the skills and knowledge needed to transform their innovative ideas into economically viable projects with significant growth potential.
This statement was made during the agency’s collaboration with the World Bank Group, supported by the Italian Agency for Development Cooperation, which organized a series of intensive workshops aimed at enhancing the capabilities of organizations responsible for providing services to startups in the entrepreneurship sector. The goal of these workshops is to help these businesses attract more investments.
Rahmy explained that the training workshops focus on informing participants about global best practices and international experiences, which will help support the growth and development of Egyptian startups, making them more attractive to potential investors, and ultimately contributing to the national economy.
He highlighted that the cooperation between MSMEDA and the World Bank is a successful example of developmental partnership, which aims to support the startup sector and strengthen the venture capital ecosystem in Egypt. He noted that MSMEDA is executing the first Egyptian venture capital program, funded by the World Bank, under the Entrepreneurship Support Agreement to create job opportunities. The program provides funding for investment funds operating in Egypt (“FoFs”) and supports the entrepreneurship ecosystem in the country.
Rahmi added that the agency has invested in 11 investment funds with a value of $35 million and directed an additional $14 million to support new investment funds. Additionally, the agency has successfully created 30,000 job opportunities, with 34% of them filled by women.
Several investment managers and investors in Egypt praised MSMEDA for organizing these interactive training workshops, which enrich the participants’ experiences and inform them about the various types of support the agency provides. Representatives from entrepreneurship support centers across universities in Egypt also expressed their gratitude for the opportunity to participate in the workshops organized by MSMEDA in collaboration with the World Bank.
Mona Mosleh, an Assistant Lecturer at the Faculty of Commerce at Zagazig University and a member of the Entrepreneurship Center at the university, said the workshop provided professional and applied content that went beyond the basics of dealing with venture capital funds. She noted that the workshops also presented many experiences in the Egyptian market, which will help innovation centers convey this knowledge to startup owners.
Dr. Rashid Rafat, Director of the Entrepreneurship and Incubators Center at Galala University, stated that the workshop helped him learn about practical experiences and understand the different approaches to dealing with venture capital funds, especially since the trainers came from an entrepreneurial background.
Dr. Iman Al-Arjawi Ramadan, Director of the Entrepreneurship and Innovation Center at Damanhour University, described the workshop as a great opportunity to introduce participants from innovation centers in Egypt to the active investment funds in the country. This knowledge can help innovation centers, entrepreneurs, and students prepare for dealing with venture capital funds.
Dr. Magid Abu Hashem, Deputy Director of the Innovation Office at Zagazig University, also praised the workshop, noting that the trainers shared real-life experiences that simplified complex definitions and made the process of dealing with various funds, both domestic and international, easier for entrepreneurs.
He expressed hope that one day every Egyptian home would have an entrepreneur, emphasizing that the government, civil society organizations, and various institutions are increasingly recognizing the importance of entrepreneurship, motivating young people to enter the field of business and establish projects across diverse sectors.
