Egypt: MSMEDA invests $13.37mln in New Valley over almost 10 years

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Egypt - The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has allocated a total of EGP 647m to New Valley between July 2014 and May 2024. This funding supported over 11,000 diverse projects, creating more than 27,000 job opportunities. During this period, MSMEDA issued 1,561 temporary licences for new projects, 1,407 final licences for new ventures, and 220 licences for regularizing existing projects.

In addition to project financing, MSMEDA invested EGP 33.8m in infrastructure and community development initiatives within the governorate. These projects focused on improving drinking water quality, renovating schools and youth centres, and providing training.

Governor Mohamed Al-Zamalout welcomed Basil Rahmy, CEO of MSMEDA, during their joint inspection of agency-implemented projects in collaboration with the governorate. Their discussions centred on leveraging unique investment opportunities, supporting the medium and small enterprise sector, and encouraging self-employment among residents. The goal is to create more job opportunities, expand productive projects, and meet domestic and international market demands.

The governorate delegation included Deputy Governor Hanan Magdy, while the MSMEDA team comprised Deputy CEO Mohamed Abdel Malik and the local branch manager, Said Sebaa. Rahmy emphasized the potential of New Valley Governorate’s sectors, including dates, handicrafts, and the silk industry, which the state is actively promoting.

Al-Zamalout praised the partnership with MSMEDA, emphasising its role in supporting small enterprises’ growth. This collaboration enhances job creation and local product development, opening up export opportunities. The two sides explored ways to further support residents and expand industrial and productive projects in the governorate.

During their inspection, they visited the Tahhan Silk Production Farm and the Hassan Helmy Training Center, which provides services for people with disabilities. Additionally, several project owners received licences to formalize their ventures, facilitating their transition to the formal sector and obtaining operating licences.