Egypt: MSMEDA offers $35mln in finance to 222k projects in 2022

Bassel Rahmy, CEO of the Micro, Small and Medium Enterprises Development Agency (MSMEDA), revealed that the agency provided a total financing of EGP 6.8bn to small and micro enterprises in 2022. The finance contributed to the establishment and expansion of about 222,000 projects, and providing more than 367,000 jobs. The agency also financed infrastructure, community development and training projects with about EGP 318m, and provided 2 million workers. Rahmy met with Prime Minister Mostafa Madbouly last week to follow up on a number of the agency’s work files, and dealt with the results of the agency’s work during the last period. With regard to the financial services provided by the agency, he indicated that the one-stop-shop services that were provided during the year 2022 included the issuance of 5,573 final licenses for new projects, and 2,803 final licenses to reconcile the situation, while it issued 7,390 temporary licenses for new projects, and 5,205 temporary licenses to reconcile the situation. It also issued 529 commercial registers, 3,822 tax cards, and provided social insurance for 2,589 people, in addition to providing benefits certificates to the customer, as well as project classification certificates. Rahmy added that the agency contributes to linking various projects and various marketing channels from public sector companies and commercial chains in the private sector, as more than 260 projects have been linked, with a total sales volume of EGP 6m, in addition to the agency’s interest in the file of expanding supplier registration. The number of beneficiaries from the application of this file reached over 2800 beneficiaries in dealing with government agencies in all governorates, and the value of tenders amounted to more than EGP 177m. Rahmy shed light on the agency’s efforts in the field of organizing exhibitions. He explained that many local and international exhibitions were held. The total value of sales and contracts amounted to more than EGP 285m, through these exhibitions, in which about 3900 exhibitors participated with products for their projects in various sectors. He also referred to the integration deals, and what has been implemented in this regard. These deals have amounted to about 238 deals at a value of EGP 28.8m. He also reviewed the agency’s efforts in the field of training, as the number of entrepreneurship trainees exceeded 8,000. The CEO of MSMEDA also reviewed the efforts to activate the Enterprise Development Law No. 152 of 2020, and the measures taken in this regard in cooperation and coordination with the various concerned authorities to provide more facilities and incentives for the medium, small and micro enterprise sector. He pointed out the efforts made of the service delivery units since the start of the implementation of the executive regulations of the law during the period from April 2021 to December 2022, which included the issuance of 41,263 classification certificates for projects, and 13,119 temporary licenses for new projects, as well as 7,905 temporary licenses to reconcile conditions. Regarding the agency’s efforts to participate in the implementation of national initiatives, Rahmy explained that the agency contributed to providing financing for projects within the framework of the Decent Life initiative at a value of EGP 2.1bn, which provided many jobs during the period from January 2021 to December 2022. This is in addition to the non-financial services that have been made available to a large number of beneficiaries from the targeted villages within the framework of the presidential initiative. Rahmy also reviewed the agency’s efforts within the framework of “Ebda’” (Start) initiative, the projects that have been funded through the company, and the procedures for its financing are being completed. He stressed the continuous communication by the agency with project owners to introduce the services provided through it, and the possibility of benefiting from them. The CEO of MSMEDA pointed out that within the framework of the national program to convert cars to run on natural gas, during the period from January 2021 to December 2022, financing ensured that 51,000 cars run on natural gas, with an estimated value of EGP 400m, in addition to contributing to converting the cities of Luxor, Hurghada, and Sharm El-Sheikh to green cities, and 1,300 cars to run on natural gas. Rahmy also reviewed a number of future directions for the agency’s work plan, especially with regard to updating the agency’s work strategy, activating the enterprise development law, as well as efforts to support emerging companies and innovative projects, in addition to green economy projects, supporting medium enterprises, and increasing the volume of exports through them. © 2022 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

Egypt: MSMEDA offers $35mln in finance to 222k projects in 2022

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