In 2024, the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) marked significant progress in driving Egypt’s economic transformation, with a special emphasis on women’s empowerment and rural development. Under the leadership of Basil Rahmi, MSMEDA achieved a remarkable EGP 900 million in microfinance funding through 41 contracts aimed at supporting micro-projects across the country. As part of its forward-thinking agenda, MSMEDA plans to double its funding in 2025, with a heightened focus on supporting productive projects and empowering women in underserved regions such as Upper Egypt and border areas.
Expanding Access to Microfinance: A National Strategy
MSMEDA’s core mission revolves around ensuring access to microfinance for all Egyptians, particularly in regions where financial resources are scarce. In a statement, Rahmi stressed the agency’s drive to reach every governorate in Egypt, focusing on areas like Upper Egypt and border governorates, which remain underserved. By expanding access to financial resources in these regions, MSMEDA is creating opportunities for self-employment and stimulating local economies through the establishment of micro-enterprises.
“We are dedicated to ensuring that microfinance services reach every corner of Egypt, especially in the less-developed areas,” Rahmi stated. “Expanding access to financial resources in Upper Egypt and border regions is crucial for empowering individuals to start their own businesses and contribute to local economies.”
Building Partnerships for Sustainable Growth
Recognizing the importance of collaboration, MSMEDA has been actively forging strong partnerships with private-sector financial institutions, banks, and civil society organizations (CSOs) to facilitate funding for micro-projects. MSMEDA’s alignment with the national strategy for self-employment and micro-enterprise development strengthens its role as a key player in Egypt’s economic ecosystem.
The agency has worked with CSOs to support entrepreneurs in rural and remote regions, ensuring that these micro-projects are well-supported with the necessary resources, guidance, and infrastructure. MSMEDA’s approach empowers local communities, enabling entrepreneurs to scale their businesses and contribute meaningfully to regional economic development.
Empowering Women Entrepreneurs: A Central Focus
One of MSMEDA’s standout initiatives in 2024 has been its commitment to empowering women. With a focus on rural and underserved regions, particularly in Upper Egypt, MSMEDA is addressing the significant gap in economic opportunities for women. By providing training, resources, and professional services, MSMEDA is helping women gain the skills needed to succeed in business.
“We are committed to maximizing the role of Egyptian women in the economy by providing them with the resources, training, and opportunities to succeed as entrepreneurs,” Rahmi explained. “We focus on empowering women in villages and remote areas, where the need for economic development is most pressing.”
MSMEDA offers free training programs that equip women with the knowledge to succeed in productive sectors and craft industries, areas where women can thrive. These programs equip women entrepreneurs to build stable, productive businesses that contribute to local economies and help reduce unemployment.
MSMEDA’s 2024 Achievements: Key Statistics
The agency’s achievements in 2024 highlight its dedication to empowering women and youth through accessible microfinance solutions. According to Nevine Badr El-Din, Head of MSMEDA’s Central Sector for Microfinance, key achievements include:
- 80,000 loans disbursed, with 50% of loans allocated to women and 35% to youth.
- 50% of the total funds allocated to Upper Egypt, underscoring the agency’s focus on supporting rural communities.
- Launch of targeted initiatives for handicrafts and heritage industries, through the Crafts microfinance product.
- Expansion plans to provide additional financing for the agricultural and productive sectors in 2025.
El-Din also highlighted MSMEDA’s focus on green economy projects and initiatives to facilitate the transition of informal businesses into the formal sector. The agency’s Crafts microfinance product is gaining significant traction, and MSMEDA is planning to expand its offerings in the coming year.
Looking Ahead: 2025 and Beyond
As MSMEDA prepares for an even more impactful 2025, Rahmi and El-Din have outlined the agency’s continued focus on women, agriculture, and the green economy. Plans for new products tailored specifically to women’s needs will include financing for agricultural projects, green economy initiatives, and sustainable development. This comprehensive strategy will provide even more opportunities for women entrepreneurs while contributing to Egypt’s broader green economy goals.
“The coming year will see a greater emphasis on financing for women, agriculture, and green economy projects,” El-Din affirmed. “We are continuously adapting to the needs of the market and expanding our services to ensure that micro-entrepreneurs have the resources they need to succeed.”
MSMEDA’s Role in Economic Empowerment
MSMEDA is playing a pivotal role in building an inclusive and sustainable microfinance ecosystem in Egypt. By providing financial resources, training, and comprehensive support to women and marginalized communities, MSMEDA is facilitating the creation of a thriving entrepreneurial culture across Egypt. Its focus on women’s empowerment, rural development, and sustainable growth places the agency at the forefront of Egypt’s economic transformation efforts.
