Egypt’s Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has provided EGP 25.6bn in funding to projects in Upper Egypt over the past 10 years, including EGP 1.7bn to Aswan governorate, the agency’s CEO, Basel Rahmy, said on Sunday.

Rahmy said the agency aims to double that funding in the coming years to drive development across Upper Egypt’s governorates. He spoke during a conference organised by the “Ebda” (Start) initiative in Aswan, which aims to support the development of the industrial sector.

The conference was attended by Aswan Governor Ismail Kamal and Ebda’s Executive Director, Amani Eid.

Rahmy stressed the MSMEDA’s commitment to collaborating with development partners and actively participating in initiatives aimed at bolstering industrial and productive sectors, particularly the “Ebda” initiative.

He highlighted the agency’s commitment to coordinating with partners across various projects and programmes.

“We believe in the need to activate all forms of cooperation to facilitate the provision of financial and technical support for all projects, enabling citizens to access this support easily,” Rahmy said. “This will contribute to the expansion of small projects or the development of existing ones.”

Rahmy said the agency has adopted a plan to encourage young people and citizens to establish industrial and productive projects, in collaboration with key partners, including the “Ebda” initiative.

“This cooperation aims to provide various forms of support for these projects, focusing on developing industrial areas and clusters in all governorates,” Rahmy said. “An example is the ‘Janayna wa Shbak’ (Gardens and Windows) complex in Aswan, where the initiative seeks to develop Egyptian industry and find urgent solutions to challenges.”

Rahmy added that the agency is working with the “Ebda” initiative to regularise informal projects and rehabilitate them so they can access the benefits and incentives of Law No. 152/2020 on the Development of Projects, particularly within industrial zones and clusters.

He noted that this collaboration has led to support for 38 industrial projects in 11 governorates, providing access to the agency’s services and ensuring the sustainability and development of these projects’ productivity.

Rahmy also emphasised the agency’s commitment to coordinating with various government agencies and institutions to implement the presidential initiative, “A New Beginning for Building the Human Being,” by the Egyptian government. The MSMEDA aims to contribute to the initiative’s objectives, in line with the directives of the political leadership and Prime Minister Mostafa Madbouly, who also serves as the agency’s Chairperson.

Rahmy said the agency is developing a comprehensive national strategy for the development of the projects and entrepreneurship sector.

“The provision of support revolves around expanding the provision of financial and technical services and facilitating project establishment procedures to encourage project owners to take advantage of investment opportunities in every governorate,” he said. “This will contribute to meeting local market needs, deepening the use of local components in production, and thereby reducing reliance on imports, increasing exports, and developing national industry.”

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