MSMEDA invests $20.74mln in small and micro-projects in Sinai

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Egypt - The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has implemented the state’s strategy to develop and build Sinai and create a conducive environment for the growth of small projects.

The agency provides various forms of financial and technical support to project owners, helping them to grow and develop their businesses and create more opportunities for decent and sustainable employment.

It also works on spreading the culture of entrepreneurship among the youth of the governorate, training and qualifying them to establish small and micro-projects based on the available resources in the two governorates.

Bassel Rahmi, CEO of MSMEDA, said that the agency injected around EGP 642m from 2014 to 2023 (9 years) to finance about 9,000 small and micro-projects in North and South Sinai, providing about 20,000 job opportunities.

He added that the services provided during this period were not limited to providing the necessary financing for establishing or developing existing projects, but also included reconciling the conditions of the projects to ensure their stability and continuity and enabling them to benefit from the services of the Project Development Law 152/2020.

Rahmi explained that through its unified service units in the two governorates, the agency provides multiple services to help project owners obtain final and temporary licenses for their projects, ensuring the stability and growth of these projects.

He noted that the agency is keen on facilitating the participation of small project owners and craftsmen from Sinai in the central exhibitions organized by the agency periodically, including our Heritage Exhibition for handicrafts and heritage, to open horizons and marketing windows for the products of these projects and contribute to their growth.

Rahmi added that the agency is implementing a project to create employment opportunities for women by improving their capabilities and developing productive clusters, in cooperation with the Spanish Agency for International Cooperation, in 6 governorates to enhance the capabilities of women and girls, equipping them with basic skills to establish small and micro-projects or develop their existing projects. Among these governorates are North and South Sinai, where hundreds of women have been trained and assisted in developing their products. Training has also been provided to several civil associations to build their capacities and qualify them to provide better services to women in these areas, enabling them to start and sustain their projects.