MSMEDA Boosts Upper Egypt with USD 520 Million in Funding

Bassel Rahmy, MSMEDA CEO

Egypt’s Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has invested EGP 25.6 billion (~USD 520 million) over the last decade in Upper Egypt, with EGP 1.7 billion directed to the Aswan governorate, CEO Bassel Rahmy announced on Sunday. Rahmy, speaking at a conference led by the “Ebda” (Start) initiative in Aswan, stated that MSMEDA plans to double these funds in the coming years to support economic development in the region.

The event, attended by Aswan Governor Ismail Kamal and Ebda’s Executive Director Amani Eid, emphasized collaboration with development partners. Rahmy highlighted MSMEDA’s commitment to initiatives like “Ebda” that enhance industrial and productive sectors, focusing on financial and technical support to help citizens grow or start projects.

Rahmy also noted MSMEDA’s efforts to encourage youth and citizens to pursue industrial and productive ventures in partnership with “Ebda” and other key initiatives. An example is the “Janayna wa Shbak” (Gardens and Windows) complex in Aswan, aimed at fostering Egyptian industry and overcoming development challenges.

Source: Daily News Egypt