Egypt: MSMEDA reports 27.5% YoY increase in MSME financing over 10 months

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Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has reported a 27.5% year-on-year (YoY) increase in funding provided to micro, small- and medium-sized enterprises (MSMEs) from January to October, MSMEDA's CEO Bassel Rahmy announced in a statement.

MSMEDA facilitated the integration of 253 projects into commercial chains, generating sales worth EGP 1 million.

Additionally, over 9,251 participants received entrepreneurship training, and 273 business-to-business deals were completed, valued at EGP 41 million.

The agency also provided vital administrative support, including licenses and tax services, to thousands of businesses.

On market access, Rahmy highlighted the agency's success in organizing 120 local exhibitions, involving 1,880 exhibitors and generating EGP 196.9 million in sales and contracts. Internationally, MSMEDA participated in five exhibitions, achieving EGP 14.5 million in agreements.

He also discussed the upcoming Our Heritage 2024 exhibition, set to take place from December 12th to 21st, with 1,125 exhibitors, including 29% first-time participants from across Egypt’s governorates.

In terms of community development, projects worth EGP 87.3 million were financed, creating 294,500 working days and employing 2,133 young people.

Gender distribution among financed projects stood at 51% male and 49% female.