(MENAFN- Daily News Egypt) Basel Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), announced that the agency has invested EGP 1.9bn in Aswan from 1 July 2014 to the end of September 2024. This funding has supported approximately 80,000 small and micro projects, creating around 109,000 job opportunities.
Rahmy noted that EGP 160m of this investment was allocated as grants for infrastructure, community development, and training projects in the governorate, generating about 1.8 million workdays for irregular labour.
During the same period, the agency facilitated the issuance of 4,774 licences for new projects and 206 licences for compliance adjustments, alongside offering numerous technical, marketing, and non-financial services within the governorate.
Ismail Kamal, Governor of Aswan, recently welcomed Rahmy and his accompanying delegation during a visit where they discussed the status of development projects implemented by the Small Enterprise Development Agency in coordination with the governorate. The meeting also explored future cooperation, particularly in advancing development activities under the presidential“Bedaya” initiative and supporting production projects to create more job opportunities for residents.
As part of the visit, an agreement was signed between the agency and the Local Community Development Association in Om Shalabayah, amounting to EGP 5m, to finance both new and existing micro-enterprises. This falls under the Aswan 5 microfinance initiative, which is part of a World Bank agreement aiming to support around 500 projects in the governorate.
The contract was signed by Nevine Badr El Din, Head of the Central Sector for Microfinance at the agency, in the presence of Amr Lashine, Deputy Governor of Aswan, along with several officials from the agency and the governorate.
Additionally, the Governor of Aswan and the MSMEDA CEO handed over specialized clothing machines to several women to help them start new ventures or expand their existing ones. These women had completed training courses to enhance their skills in sewing and embroidery as part of a project to create job opportunities for women in Upper Egypt. The initiative aims to improve their skills and support productive clusters, funded by the Spanish Agency for International Cooperation.
Rahmy emphasized that the agency is committed to implementing a national strategy, endorsed by the state, to promote and expand micro-enterprise funding. The goal is to encourage self-employment and the establishment of production projects, thus reducing unemployment and raising living standards for the most disadvantaged families. This strategy is being implemented through numerous development programs in collaboration with international partners, government bodies, and civil society organizations.
Governor Kamal commended the strong cooperation with the Small Enterprise Development Agency in supporting and developing the small enterprise sector. He praised the agency's contributions to creating an encouraging environment for investment and business establishment through a range of development programs.
He further affirmed the continuous coordination with the agency to develop projects that hold competitive advantages in both local and international markets, particularly handcrafted items produced by local artisan communities. The governorate collaborates with various international development institutions, including the Spanish Agency for International Development Cooperation, which has agreed to provide sewing machines to project beneficiaries in Aswan to aid in expanding their businesses and enhancing the value chains of targeted crafts. This support follows training programs aimed at improving skills and boosting productive clusters.
The governor added that the governorate collaborates with all relevant entities to offer and deliver essential services necessary for the establishment and sustainability of small and micro-enterprises, ensuring their success and longevity.
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