The Small and Medium Enterprise Development Authority (MSMEDA) has introduced a groundbreaking product to support young entrepreneurs. The initiative provides financial and non-financial services to facilitate the establishment and growth of various projects. The move is in line with the government’s vision to foster innovation, leverage the latest technologies, and introduce new business models to the Egyptian market.
To mark World SME Day, MSMEDA has announced a funding programme focused on entrepreneurship, innovation and technology projects. Eligible ventures include those developing new technology products, enhancing production techniques, exploring digital transformation and artificial intelligence, among others. Funding options come with attractive interest rates and flexible terms, with repayment grace periods of up to six months.
Apart from financial support, young entrepreneurs can also access various non-financial benefits through MSMEDA, including assistance with project licenses, regulatory compliance, technical guidance, marketing services, simplified tax procedures, and other benefits outlined in the Enterprise Development Law 152/2020.
This new product marks a major step towards fostering an innovative and technologically advanced entrepreneurial ecosystem in Egypt, providing essential support to young visionaries to succeed in a competitive market.
