Bassil Rahmy, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), announced that the agency has channeled EGP 22.7 billion in funding since 2022, supporting around 493,000 projects across governorates and creating over one million jobs. Young people and women received 47% of the total financing. The agency also organized more than 1,600 training programs to enhance administrative skills.
Bassil Rahmy, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), made these remarks on the sidelines of the Knowledge Summit organized by the Mohammed bin Rashid Al Maktoum Knowledge Foundation. He emphasized that the agency has prioritized training programs tailored to address skills gaps among youth amid rapid technological changes. MSMEDA supported 1,200 innovative projects through business incubators and accelerators, helping bridge the gap between education and labor market needs.
The agency's financial and technical programs are implemented across all governorates, maintaining a balance between rural and urban areas. MSMEDA continues to develop its services and coordinate with state bodies concerned with the MSME sector, while collaborating with Arab and international development partners to exchange expertise and build an integrated support system.
Rahmy stated: "This approach encourages citizens—particularly youth and women—to shift from seeking traditional employment to becoming entrepreneurs capable of running productive and successful ventures that contribute to the national economy."
The agency has adopted advanced digital mechanisms to deliver financial and non-financial services aimed at enhancing youth skills and aiding project launches or expansions. Egypt's leadership remains committed to providing legislative and financial support, fostering an investment climate that aligns with technological and market developments in the MSME sector locally and globally.
MSMEDA benefits from strong backing by Prime Minister Mostafa Madbouly, who chairs its board, in activating laws like Law 152/2020. This includes allocating up to 40% of government procurement to MSME products and offering customs incentives of up to 2% on equipment and machinery. Tax Law No. 6 of 2025 introduces a proportional tax of 1.5% for annual turnover up to EGP 20 million.
The agency's activities focus on helping young people identify community needs and develop practical solutions, resulting in projects with local impact such as recycling initiatives, digital community services, and environmental ventures. This has positioned MSMEDA as one of the region's most successful institutions, not only in financing but in empowering youth to drive economic growth and sustainable development in line with Egypt's Vision 2030. Key partners include the UNDP and the African Development Bank. The agency is ready to share its expertise with Arab countries and peer institutions.