MSMEDA, Kfw Join Forces To Support Development Goals In Egypt: Rahmi

12/26/2023 4:05:33 AM

(MENAFN- Daily News Egypt) Bassel Rahmi, the CEO of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), announced the agency's commitment to strengthening cooperation with various international entities and development partners. The aim is to offer diverse support for the small projects sector in Egypt, in line with the Egyptian government's directives to tap into this potential sector. This effort helps to meet local market needs, reduce imports, and create jobs across different governorates.

In a meeting with a delegation from the German Reconstruction bank (KfW), Rahmi pointed out that the Bank was one of the leading donor institutions working with the Agency. The objective is to support the small projects sector in Egypt and provide the essential resources for setting up and growing these projects. The bank delegation comprised Christoph Schäfer, the Cairo office director, Sandra Röder, the Director of Education and Sustainable Economic Development in North Africa via video conference, Monika Günther, Principal Portfolio Manager, and Alexander Haug, the Cooperation Portfolio Manager.

Rahmi stressed the remarkable progress in the current cooperation, utilizing the German bank's expertise to support entrepreneurs, innovators, and green economy projects. This matches the Egyptian government's interest in increasing funding for such projects.

He explained that the agency aims to improve access to financial services for small and micro-sized project owners, enabling them to start new projects or scale up existing ones. This focus covers especially border areas and regions with high needs. The agency backs micro-sized projects that adhere to environmental standards, promoting the use of renewable energy sources over conventional ones.

Rahmi highlighted the positive steps taken by the agency to digitize its services and diversify communication channels with youth. He praised the efforts of the Ministry of International Cooperation in coordinating between the agency and development partners to secure required funding for various developmental activities. The German Reconstruction Bank stands out among these partners.

Christoph Schäfer expressed gratitude for the effective support provided by MSMEDA to the medium, small, and micro-sized projects sector. He expressed contentment with the ongoing cooperation between the two sides.

Sandra Röder stated that the next period will witness a boost in collaboration between the two entities. The agency is regarded as a key partner for the Bank in Egypt, contributing to achieving sustainable development. The agency has demonstrated its ability to implement projects and initiatives that have produced positive outcomes, improving the living standards of various target groups.

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