Basil Rahmi leads MSMEDA in boosting Egypt's economy

Over the past decade, the Micro, Small, and Medium Enterprises Development Agency (MSMEDA) in Egypt has played a crucial role in boosting the economy. Led by CEO Basil Rahmi, MSMEDA has injected EGP 51bn into the economy, directly benefiting 3 million clients. Notably, 47% of these funds were allocated to projects in Upper Egypt, with women entrepreneurs receiving 45% of the total funding.

During a seminar organized by the Egyptian-Lebanese Businessmen Association (ELBA), Rahmi emphasized the importance of SMEs in economic growth. He highlighted MSMEDA's contribution of EGP 3bn towards infrastructure projects, showing a commitment to initiatives like road construction, school development, and the Decent Life initiative.

Rahmi expressed openness to collaborating with ELBA to further support small businesses and youth entrepreneurship. Proposed amendments to Law No. 152 of 2020 aim to enhance MSMEDA's ability to assist companies in the formal economy through tax benefits, financial aid, and training opportunities.

MSMEDA's governance structure, overseen by seven ministries and chaired by the Prime Minister, ensures effective coordination. The agency's focus on supporting artisans, freelancers, and startups aligns with efforts to promote innovation and integration into the formal sector. Additionally, MSMEDA has secured $50m from the European Bank to bolster startup ventures.

The law offers various advantages to SMEs, including tax relief, financial access, and land acquisition opportunities. It mandates the reservation of industrial zone land for SMEs and provides them with a share of government procurements and investment incentives in the manufacturing sector.

Collaboration between ELBA and MSMEDA is vital for sustainable development, job creation, and fostering entrepreneurship among Egypt's youth. The private sector's alliance with MSMEDA is key to achieving mutual goals, improving the investment climate, and driving economic growth. By endorsing youth entrepreneurship, state and political leaders pave the way for long-term success and growth in entrepreneurial endeavors.

MSMEDA's efforts, in partnership with organizations like ELBA, are instrumental in supporting small businesses, empowering women entrepreneurs, and nurturing youth entrepreneurship in Egypt. Through strategic investments, policy amendments, and collaborative initiatives, the agency is paving the way for a prosperous future, creating job opportunities, and driving economic growth in the country.