Bassel Rahmy, chief executive of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), announced that 40 companies have applied for the agency's classification certificate for innovative startups, enabling access to a wide range of government services, incentives, and supportive legislation. Rahmy stated that this move reflects growing interest among entrepreneurs in formalizing their status to benefit from state-backed facilitation measures for micro, small, and medium enterprises (MSMEs).
Bassel Rahmy, chief executive of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), spoke at the fourth annual investors' meeting of DisrupTech Ventures, where he announced that 40 companies have applied for the agency's classification certificate tailored for innovative startups. According to Rahmy, the certificate enables eligible companies to access incentives from various government entities under Egypt's entrepreneurship support framework.
Rahmy added that MSMEDA is pursuing a strategic direction focused on the full digitalization of all services provided to micro, small, and medium enterprises (MSMEs), aiming to streamline procedures and improve accessibility for startups and small businesses across the country. He highlighted the broad support mechanisms being introduced in alignment with the Start-ups Charter, announced on the sidelines of the RiseUp Summit, which seeks to promote innovation, ease market access, and create a more enabling legislative and regulatory environment for emerging businesses.
During the meeting, Rahmy outlined MSMEDA's strategic orientation and investment mechanisms to support Egyptian startups and entrepreneurs, including channeling investments into venture capital funds managed by experienced private-sector fund managers specializing in early-stage and growth financing. He also reviewed the work of the Ministerial Group for Entrepreneurship, of which MSMEDA is a member, noting ongoing coordination to strengthen the overall ecosystem for startups. Rahmy pointed to directives from Prime Minister Mostafa Madbouly, who chairs MSMEDA's board, to provide comprehensive support to these enterprises given their economic impact, scalability, and potential to attract foreign investment.
Rahmy emphasized that the state is offering exceptional investment opportunities for young entrepreneurs, allowing them to expand operations and penetrate export markets. On the sidelines of the meeting, he held discussions with representatives of international development finance institutions, venture capital funds, startups, entrepreneurs, and senior banking officials to enhance cooperation with MSMEDA and coordinate mechanisms to further support Egypt's growing startup community.