On Wednesday, Ministers of International Cooperation Rania A. Al-Mashat meet with the Minister of Trade and Industry Nevine Gamea at Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) to discuss developing MSMEs activities and supporting small enterprises and startups through development funds in order to increase job opportunities and enhance the standard of living for people.
During the meeting, both ministers looked into future opportunities for MSMEDA, and the financial support needed to expand its services.
Al-Mashat expressed the importance of focusing on Micro, Small and Medium Enterprises (MSMEs) for the growth of the economy, paving the way for businesses to become more sustainable and competitive.
“An inclusive and sustainable economy is integral for development. The support of MSMEs and the entrepreneurial force, especially those owned by women and youth, is a priority for our development partners,” she said.
Sharing the third principle of Economic Diplomacy, Al-Mashat said that the Ministry of International Cooperation’s Global Partnerships Narrative, which puts “People at the Core” through “Projects in Action” with “Purpose as the Driver”, is in line with supporting MSMEs by dedicating resources to achieve partnerships, with the sustainability targets as key drivers to generate inclusive growth.
In the same connection, Al-Mashat added that the Ministry of International Cooperation is committed to securing development financing through international partnerships with multilateral and bilateral development partners that are dedicated to supporting MSMEs.
Last year, the Ministry of International Cooperation secured $3.2 billion through direct financing to private sector companies as well credit lines to commercial banks for the financing of SMEs. Also for MSMEs, the Ministry secured a total development financing worth $457 million through multilateral and bilateral cooperation for state sectors.
This is in addition to the $200 million Saudi Grant through the Saudi Fund for Development (SFD) which has contributed to financing over 2,500 projects across sectors in 27 governorates, providing more than 12,000 job opportunities and promoting the implementation of the SDGs.
Also MSMEDA’s Managing Director, Gamea applauded the fruitful cooperation between the Ministry of International Cooperation and the agency’s activities, particularly in mobilizing and securing necessary financial resources that enable the expansion of projects across governorates, and support in financing MSMEs.
With such support, Gamea explained that there are more job opportunities, alongside necessary training for people to gain new skills.
Through its success stories, MSMEDA has gained a positive reputation and the confidence of international donors, Gamea added, elaborating that in recent years, the Government of Egypt, and H.E. President Abdel Fattah El-Sisi, emphasized the state’s commitment to supporting small enterprises.
In the last 7 years, MSMEDA has pumped 36 billion EGP into MSMEs which financed over 1.4 million MSMEs, in addition to labor-intensive infrastructure projects.
Moreover, Gamea said that MSMEDA is also currently seeking to establish an electronic link, as per a protocol recently signed with the Ministry of Communication and Information Technology, with all the government entities that are concerned with development projects to create better access for citizens.
As Gamea had pointed out that cooperation with development partners takes place via the Ministry of International Cooperation within the framework of both the 2030 United Nations Sustainable Development Goals (SDGs) and Egypt’s national agenda.
Al-Mashat shared that international cooperation plays a key role in development and in meeting the global goals, which cover every aspect of life, emphasizing that MSMEs and small enterprises play an inherent role in the Egyptian economy to achieve development by creating job opportunities and promoting a culture of self-employment.
It’s worth mentioning that the Ministry of International Cooperation secured in 2021, a total development financing worth $457 million through multilateral and bilateral cooperation for Micro, Small and Medium Enterprises (MSMEs).