(MENAFN- Daily News Egypt) Bassil Rahmy, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), announced that the agency has channelled EGP 22.7bn in funding since 2022, supporting around 493,000 projects across the governorates and creating more than one million jobs. He noted that young people and women received 47% of the total financing.

Rahmy added that MSMEDA organised more than 1,600 training programmes during the same period, benefiting tens of thousands of young people and citizens by enhancing their administrative skills to manage new or existing projects. He stressed that the agency prioritises training programmes tailored to address skills gaps among youth amid rapid technological change. He also highlighted that MSMEDA has supported 1,200 innovative projects through business incubators and accelerators, helping bridge the gap between education and labour market needs.

He underscored that the agency implements its financial and technical programmes across all governorates, maintaining a balance between rural and urban areas.

Rahmy stated that MSMEDA continues to develop its services and coordinate with all state bodies concerned with the MSME sector to sustain its growth. The agency also collaborates with Arab and international development partners to exchange expertise and build an integrated system that supports the sector. This approach, he said, 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.

His remarks were made on the sidelines of the Knowledge Summit, organised by the Mohammed bin Rashid Al Maktoum Knowledge Foundation.

Rahmy explained that the agency has adopted advanced digital mechanisms to provide financial and non-financial services aimed at enhancing youth skills and helping them launch or expand their projects. He stressed that Egypt's leadership remains committed to offering legislative and financial support and fostering an investment climate that keeps pace with technological and market developments affecting the MSME sector both locally and globally.

He also highlighted the strong support of Prime Minister Mostafa Madbouly, who chairs the agency's board, in activating laws and regulations designed to bolster MSMEs. These include incentives under Law 152/2020, such as allocating up to 40% of government procurement to MSME products and offering customs incentives of up to 2% on equipment and machinery. Rahmy added that Tax Law No. 6 of 2025 introduces a proportional tax of 1.5% for annual turnover up to EGP 20m.

Rahmy noted that MSMEDA's activities also focus on helping young people identify community needs and develop practical solutions, leading to projects with tangible local impact, including recycling initiatives, digital community services and environmental ventures. He said this has helped position 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 UNDP and the African Development Bank.

He added that the agency is ready to share its expertise with Arab countries and peer institutions to exchange development experiences and expand entrepreneurial opportunities for youth across Egypt and the wider region.

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