Investment Minister discusses strengthening entrepreneurial support with MSMEDA
2026-03-03 - 16:34
Mohamed Farid, Minister of Investment and Foreign Trade, held a meeting with Basil Rahmy, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), in the presence of Hala Abu Elsaad, Egyptian Federation for Financing Medium, Small, and Micro Projects (MSMEF), and Mohamed Youssef, CEO of the General Authority for Investment and Free Zones (GAFI), alongside a number of senior ministry and agency officials. The meeting reviewed mechanisms to maximise the benefits of financing programmes and non-financial services provided by MSMEDA to support and develop entrepreneurial ventures. It also tackled enhancing institutional integration in a manner that accelerates the growth of this vital sector. Farid said that the ministry, through GAFI, is working to strengthen engagement with investment projects across productive sectors, to provide support and link them to entities offering financing programmes and non-financial services. This approach seeks to broaden companies’ access to support mechanisms and enhance their growth prospects and sustainability. Farid noted that MSMEDA and MSMEF represent two key pillars in supporting and developing entrepreneurial ventures, which constitute one of the principal drivers of the Egyptian economy, given their central role in increasing employment rates, attracting investment, enhancing productivity and improving national economic competitiveness. For his part, the CEO of MSMEDA underscored the agency’s commitment to activating various frameworks of cooperation with the Ministry of Investment and Foreign Trade to strengthen the entrepreneurial ecosystem, create a conducive environment for establishing and developing innovative ventures, as well as open new horizons for young people to transform their ideas into scalable and sustainable businesses. Rahmy explained that cooperation will include enabling existing enterprises to benefit from the Startup Charter launched last February by Prime Minister Mostafa Madbouly, Prime Minister and Chairman of MSMEDA’s Board, which reinforces a supportive business environment for start-ups. He added that the coming phase will focus on expanding support for small and mediu industrial and productive enterprises, and empowering young entrepreneurs. This will be achieved through activating the incentives, advantages and facilitations stipulated under the Enterprise Development Law No. 152 of 2020, in line with the state’s strategy to deepen local manufacturing, increase production and rationalise imports. The meeting also reviewed preparations for Cairo’s hosting of the Egyptian-Saudi International Franchise Exhibition (FRANEX 2026), organised by Franchise International Egypt in cooperation with MSMEDA next April at the Egypt International Exhibition Center, with broad participation from Egyptian, Saudi, Gulf and international brands. The discussions further addressed progress on the agency’s new digital platform, which will integrate various entities supporting the micro, small and medium enterprise sector, including providers of financial and non-financial services such as training, marketing and technical support, within a comprehensive ecosystem designed to support entrepreneurs and start-ups.