Egypt - Basel Rahmi, CEO of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), underscores the agency’s commitment to implementing the directives of political leadership by formulating a national strategy to bolster the small enterprises sector and entrepreneurship. This strategy aligns with the Sustainable Development Goals, Egypt’s Vision 2030, and the global trend toward promoting a green economy.

Rahmi delivered these remarks during his speech at the launch event of the Commercial International Bank’s new sustainable financing product for small and medium-sized enterprises, in collaboration with the GIZ and the German Development Bank (KfW).

The CEO explained that current climate changes pose significant economic and environmental challenges for the small enterprises sector. Consequently, there’s a need for stricter environmental standards in granting financing and services, along with incentives for environmentally friendly, green, and renewable energy projects aimed at reducing carbon emissions.

Rahmi emphasized that the Small Enterprises Development Law No. 152/2020 offers a unique package of incentives to support the launch of green projects, positioning them as a key driver for economic development and job creation among young entrepreneurs.

He further highlighted the agency’s active participation in national initiatives that uphold environmental standards. Notably, this includes the national project to convert vehicles to run on natural gas, funded at EGP 470m, as well as efforts to enhance energy efficiency and generate renewable energy. These initiatives involve replacing primitive charcoal kilns with advanced technology to reduce carbon emissions and produce biogas.

Rahmi also pointed out the establishment of a specialized environmental management department within MSMEDA. This department oversees the environmental and social aspects of all activities financed by the agency. Additionally, an environmental protection strategy has been launched, encouraging young people to initiate environmentally friendly projects across various scientific and innovative fields, ultimately improving living conditions.

To achieve these goals, the agency plays a pivotal role in coordination, policy-making, and providing a range of financial and non-financial services to the small and medium enterprises sector. Collaboration with over 25 development partners at local and regional levels ensures the delivery of these services through 890 NGOs, 1,800 bank branches, and 33 MSMEDA branches across all governorates of Egypt.

© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).