MSMEDA's Green Financing is Transforming Egypt's Transportation for a Sustainable Future

MSMEDA's Green Financing is Transforming Egypt's Transportation for a Sustainable Future

By Staff Writer, 21 November 2023

In a recent announcement, the Micro, Small and Medium Enterprises Development Agency (MSMEDA) revealed its substantial contribution to the environmental cause by providing EGP 470 million between January 2021 and June 2023.

This funding facilitated the conversion of 59,000 cars to natural gas, constituting a significant 40% of the total vehicles converted to natural gas in Egypt during the specified period.

Bassel Rahmy, the CEO of MSMEDA, emphasized the agency's commitment to aligning with the state's directives to incorporate environmental considerations across various sectors.

This initiative is an integral part of the state's overarching strategy to implement essential measures safeguarding the environment and promoting the shift towards a green economy.

Rahmy highlighted MSMEDA's pioneering role as one of the first development institutions to launch an initiative dedicated to financing projects adhering to environmental standards.

This includes active participation in the national initiative for converting cars to natural gas.

The agency not only offered financial assistance but also provided technical support to individuals seeking to convert their vehicles, promoting a more sustainable and eco-friendly approach to transportation services.

Additionally, Rahmy emphasized MSMEDA's focus on delivering comprehensive support packages, both financial and non-financial, to industrial projects involved in the production of cars and their associated value chains.

Notably, the agency successfully provided financing totaling EGP 1.8 billion for approximately 37,000 projects, generating around 100,000 jobs over nine years.

Commending the signed memorandum of understanding (MoU) between MSMEDA and the East Port Said Development Company, Rahmy highlighted its significance in creating a conducive environment and essential infrastructure for the growth of the small enterprise sector.

He emphasized that this collaboration reflected the state's strategic vision for the reconstruction of Sinai, emphasizing the development and competitiveness of small and medium enterprises.

Rahmy's statements were delivered in the context of MSMEDA's active participation in the fifth session of the Smart Transport, Logistics, and Green Transport Exhibition and Conference for the Middle East and Africa.

Raafat Abbas, Vice President of the Agency, took part in the exhibition's second session, showcasing MSMEDA's efforts and contributions to various transportation-related initiatives.

Hossam Mounir / Daily News Egypt

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