MSMEDA Injects EGP 800M Into North, South Sinai To Boost Small Projects

(MENAFN- Daily News Egypt) Bassel Rahmy, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), announced that the Authority has injected approximately EGP 800m into North and South Sinai from July 2014 through the end of 2024. This financing has supported around 9,600 small and micro projects, generating over 23,000 job opportunities for the people of Sinai.

Speaking on the occasion of Sinai Liberation Day, Rahmy reaffirmed MSMEDA's commitment to providing both financial and technical support to small enterprises in Sinai, leveraging their potential to create employment, particularly among youth. He emphasized that this effort aligns with directives from Prime Minister Mostafa Madbouly, who chairs the Authority's Board of Directors, and reflects the political leadership's vision for driving comprehensive development across Sinai, with a strong focus on empowering young graduates and women.

Rahmy noted that MSMEDA's efforts extend beyond financial services, with a wide range of non-financial initiatives, including awareness campaigns, entrepreneurship training, marketing support, and participation in exhibitions. Special emphasis has been placed on empowering women economically and socially. The Authority has organised training courses in traditional crafts and handicrafts to enhance women's skills, alongside administrative and marketing training to enable them to manage their businesses effectively.

Additionally, MSMEDA has worked to help female entrepreneurs market their products through prominent exhibitions such as“Turathna” (Our Heritage). It has also provided capacity-building training for associations and organisations that support handicraft industries in Sinai, enhancing their competitiveness.

Rahmy revealed that preparations are underway to provide trained women with modern sewing machines, along with specialised training on their use, in collaboration with the Spanish Agency for International Development Cooperation.

Looking ahead, Rahmy explained that MSMEDA has an ambitious plan to continue expanding small and micro enterprises across Sinai, providing comprehensive support for new and existing projects.

He confirmed that MSMEDA's regional branches, working in partnership with universities, educational directorates, and civil society organisations, have launched free training courses aimed at equipping Sinai's youth with the skills needed to start and manage their own businesses. These programmes help participants choose project ideas suited to their experience and academic backgrounds, secure financing, and establish productive enterprises that leverage Sinai's rich natural resources.

Rahmy also highlighted the Authority's efforts to familiarise citizens with the incentives offered under Law 152/2020 on the Development of Medium, Small, and Micro Enterprises. By transitioning from the informal to the formal sector and obtaining official classification certificates, entrepreneurs can access a wide range of government services and benefits designed to help grow and expand their businesses.

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