The Small and Medium Enterprise Development Authority (MSMEDA), in collaboration with the Middle East and North Africa Competitiveness Programme under the Organisation for Economic Cooperation and Development (OECD), will host a meeting of the SME and Entrepreneurship Policy Working Group for the region. Titled “Empowering SMEs in the Middle East and North Africa”, the event will focus on digitalisation, green transition, availability of financing and formal sector transition. The Working Group, co-chaired by Tunisia and Italy, aims to strengthen SME and entrepreneurship policies in Egypt.
Basil Rahmi, CEO of MSMEDA, is leading the agency’s delegation at the conference. In his opening remarks, Rahmi highlighted the positive impact of MSMEDA’s close collaboration with the OECD in fostering an environment conducive to the growth of MSMEs in the Middle East and North Africa. Egypt’s Vision 2030 is aligned with the country programme signed with the OECD, which highlights the review of policies towards SMEs and entrepreneurship.
MSMEDA was established in 2017 on behalf of the Social Development Fund and plays a key role in supporting and developing small and medium-sized enterprises in Egypt. The Small and Medium Enterprise Development Law 152/2020 provides incentives and facilities to encourage entrepreneurs and support small-scale projects in various sectors. With 33 branches across Egypt, MSMEDA works with intermediaries, major Egyptian banks, civil society organizations and financial institutions to facilitate financing for SMEs.
The institution targets budding entrepreneurs, young graduates, and citizens looking to launch or develop small-scale projects. Specialized lending programs focus on projects for women, youth, and people with disabilities. Currently, MSMEDA is working with stakeholders to develop a national strategy on SMEs and entrepreneurship that is aligned with Egypt’s Vision 2030 and the Sustainable Development Goals. The strategy will serve as a roadmap that emphasizes evidence-based approaches and encourages innovative and environmentally friendly projects.
MSMEDA also supports a venture capital program that invests directly in venture capital companies, incubators and business accelerators specializing in innovative projects, technologies and renewable energy. In addition, MSMEDA is developing a national electronic platform that provides information and services for starting and strengthening small-scale projects.
Rahmi says he is proud to contribute to this ambitious region, where small and medium-sized enterprises account for between 10 and 40 percent of employment opportunities.
“We are proud to be part of this strategic and ambitious region with abundant resources. With MSMEs accounting for between 10 percent and 40 percent of employment opportunities in the region, we look forward to further strengthening collaboration with other organizations to maximize support to the MSME sector, build skills and enable financing,” Rahami said.
He finally concluded by highlighting the positive impact of discussing new opportunities and exchanging experiences at this important event.
The conference will bring together policy and decision makers from Palestine, Morocco, Tunisia, Yemen, the United Arab Emirates, Saudi Arabia, Italy and Turkey, as well as representatives of the European Union, Union for the Mediterranean and German parties, and officials from Egyptian partner institutions.
