Bassel Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), announced that the agency has financed approximately 130,000 small and micro enterprises in Fayoum between July 2014 and December 2024, with a total investment of EGP 2.6bn. These projects have generated over 177,000 job opportunities.
Rahmy made these remarks during a meeting with Ahmed El-Ansari, Governor of Fayoum, where they discussed ways to expand cooperation to create more job opportunities for youth by boosting support for the small and micro enterprise sector. Their discussions also focused on encouraging citizens to start or grow their businesses and supporting the establishment of industrial and productive ventures that leverage the governorate’s natural resources and investment potential.
The meeting also witnessed the signing of two new contracts to finance microenterprises in Fayoum: one with the Small Enterprises and Community Development Association (SECDA), valued at EGP 30m, and another with the Community Development Association in Monshaat Baghdadi, valued at EGP 1.5m. These agreements aim to finance both existing and new projects, with a particular focus on the productive and agricultural sectors.
In addition, ten work contracts were awarded to trainees participating in the “Employment with Others” project, implemented in cooperation with the Fatayat El-Ghad and Magd Masr associations under the EU-funded programme to address the root causes of irregular migration.
During the event, El-Ansari and Rahmy presented a number of project owners with certificates of compliance and classification, qualifying them to benefit from the incentives offered under the Enterprise Development Law No. 152 of 2020. They also distributed checks for newly financed projects backed by MSMEDA.
As part of the “Creating Job Opportunities for Women in Upper Egypt” initiative, five women were provided with sewing machines. This project, funded by the Spanish Agency for International Cooperation, aims to empower women’s production groups by offering training and operational resources.
Governor El-Ansari emphasized the strong partnership between the governorate and MSMEDA to provide comprehensive support for small and micro enterprises. He praised the ongoing coordination, which aligns with the political leadership’s directives to bolster the sector’s role in national economic development. El-Ansari further highlighted the governorate’s focus on supporting industrial, productive, and handicraft projects to help entrepreneurs transition into the formal economy. He stressed the commitment to overcoming the challenges faced by young entrepreneurs, working closely with MSMEDA and other state institutions.
For his part, Rahmy underscored the government’s strong focus on developing Upper Egypt, led by Prime Minister Mostafa Madbouly, who also chairs MSMEDA’s board of directors. Rahmy reiterated the agency’s commitment to expanding its financial and technical services across Upper Egypt, helping local communities harness their natural resources and contributing to comprehensive and sustainable economic growth.
