Egypt - Basel Rahmy, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), said on Monday that the agency has funded over 76,000 small and micro enterprises in Kafr El-Sheikh with EGP 2bn over 10 years, providing 136,655 jobs for the residents of the governorate.

MSMEDA also provided more than 35,000 services to citizens through the one-stop shop unit in the governorate where temporary and final licenses for new enterprises are issued, along with classification certificates, benefits, commercial registers, tax cards, and social insurance.

Rahmy said the agency will continue contributing to the presidential initiative “A New Beginning for Human Development”, which aims to provide jobs for young people and citizens. Additionally, it is educating Kafr El-Sheikh residents about the services that qualify them for employment and self-employment, as well as establishing small enterprises or developing and growing their existing ones. He noted that the initiative’s goals represent a new beginning and starting point to achieve the greatest possible benefit for citizens wishing to invest or establish medium, small and micro enterprises.

He also explained that the agency is taking into account Law No. 152 of 2020 and seeks to maximize its impact on the small enterprises sector as well as educate citizens about the services, benefits and incentives contained therein to encourage them to enter the field of freelance work. Furthermore, he pointed out that the protocols signed with the Ministries of Finance and Local Development are also being activated to educate citizens and familiarize them with the services and tax facilities provided by the relevant ministries to ensure they reach them in the easiest possible ways.

Through this initiative, the Agency conducts intensive field visits to productive cluster areas to introduce citizens to financial and non-financial services provided by the Agency to project owners. It also raises awareness of the importance of legalizing informal projects and benefiting from Law 152/2020.

These services included financial services, legal establishment services for the project, and non-financial services, as well as responding to citizens’ inquiries and directing them to the Agency’s headquarters in the governorate to benefit from the various services it provides.

Rahmy stressed that in light of the agency’s ongoing work plan to support and develop medium, small and micro enterprises in the governorate, the agency has focused on five villages affiliated to Baltim Center, namely Sheikh Mubarak, Bar Bahri, Sahel Al Qibli, Al Rab’a, and Al Narges. He noted that the visit of the agency’s representatives to those villages received positive interaction from citizens, as many inquiries were raised.

Furthermore, MSMEDA stressed the agency’s continued efforts to accomplish the initiative’s goals, stressing that these visits enhance direct communication with citizens and provide them with the necessary support to establish their own projects. It added that supporting micro, small and medium enterprises is the main pillar for developing the national economy, increasing job opportunities, and providing an attractive business environment for investment.

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