Minister of International Cooperation Rania Al-Mashat met with Basil Rahmi, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), to discuss the financing needs of the agency.
This aims to enhance the agency’s role in the development of MSMEs in coordination with the Ministry of International Cooperation.
Al-Mashat explained that the Ministry of International Cooperation is working to support constructive partnerships between development partners and relevant parties, to encourage investment in SMEs that represent an inherent force in the Egyptian economy, and reflect positively on increasing employment rates.
She stressed the continuous coordination carried out by the ministry with development partners and various government agencies to meet the requirements and priorities of the country’s development.
Efforts are also made to enhance joint action to achieve the country’s development Vision 2030 and the sustainable development goals, as well as entrepreneurship.
She pointed out that the ministry is working to develop strategies with all development partners every three and five years, which include many axes that come in light of the state’s priorities, including small and medium enterprises.
Rahmi praised the great efforts made by the Ministry of International Cooperation to provide the necessary funds for the various development activities carried out by MSMEDA and the work to negotiate with various donors and development partners to obtain financial and technical support, through loans and grants to help the agency play its role in developing the sector of MSMEs.
Rahmi confirmed that work is underway to finalize the development and modernisation of the agency’s strategy to align with global sustainable development trends and Egypt’s Vision 2030, with the assistance of the expertise of the Ministry of International Cooperation in this regard.
It is worth noting that the volume of concessional development funds for small, medium and micro enterprises, within the ongoing development cooperation portfolio of the Ministry of International Cooperation, amounts to about $940m, whether for MSMEs, or other government agencies.