MSMEDA, Bibliotheca Alexandrina partner to empower young Egyptian entrepreneurs

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The Micro, Small and Medium Enterprise Development Agency (MSMEDA) and Bibliotheca Alexandrina have joined forces to promote entrepreneurship among young Egyptians.

The two institutions signed a Memorandum of Understanding (MoU) on Wednesday to foster a culture of self-employment and encourage young people to turn their innovative ideas into successful businesses.

“The agency is keen to strengthen cooperation with development partners to promote entrepreneurship and self-employment among young people,” said Bassem Rahmi, CEO of MSMEDA.

The agreement outlines a series of initiatives aimed at equipping young entrepreneurs with the skills and knowledge to establish and manage successful ventures, particularly those based on innovative and creative ideas.

Rahmi highlighted the agency’s commitment to providing free training programs for aspiring entrepreneurs. “These partnerships are in line with the government’s directives to promote self-employment and the development of small and medium enterprises,” he added. “This will contribute to creating more job opportunities for young people and maximising the potential of Egypt’s young workforce.”

The renewed MoU with Bibliotheca Alexandrina represents a continuation of the two institutions’ efforts to spread entrepreneurial culture among the library’s patrons. MSMEDA plans to train Bibliotheca Alexandrina staff as entrepreneurship mentors and advisors, leveraging their continuous interaction with young people.

The partnership will also involve organising entrepreneurship forums, selecting innovative ideas from young entrepreneurs and providing access to MSMEDA’s financial and non-financial services to transform these ideas into economically viable ventures.

Ahmed Abdullah Zayed, Director of Bibliotheca Alexandrina, underscored the library’s commitment to supporting the growth of small and medium enterprises. “We believe that partnerships with MSMEDA are crucial to supporting the growth of small and medium enterprises, particularly in the field of entrepreneurship,” he said.

Zayed acknowledged the importance of entrepreneurship as a driving force for Egypt’s economic growth and praised the government’s focus on promoting innovation and creativity. He highlighted the role of MSMEDA in providing technology-driven services to encourage young entrepreneurs to establish their innovative ventures.

“Entrepreneurship is a critical driver of economic growth in Egypt and receives special attention from the political leadership,” said Zayed. “Therefore, institutions must adopt policies and plans to create a favourable environment for the growth of entrepreneurship in Egypt, encouraging young people to be innovative and creative.”