Cairo, Egypt - The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) and the United Nations Development Programme (UNDP) have reaffirmed their commitment to a strong partnership aimed at enhancing the contribution of Egypt's Micro, Small, and Medium Enterprises (MSMEs) to the national economy.
During a recent meeting, MSMEDA CEO Nevine Rahmy highlighted the agency's significant achievements in digital transformation, job creation, and expanding financing for MSMEs. She outlined the agency's future vision, which focuses on improving the business environment, fostering start-ups, and promoting financial inclusion and the green economy.
Rahmy emphasized the importance of continued collaboration with development partners, including UNDP, to exchange knowledge and adopt best international practices for developing MSMEs. She also stressed the ongoing collaboration with the Ministry of Planning, Economic Development, and International Cooperation to expand MSMEDA's network of international development partners.
Ghimar Deeb, UNDP Deputy Resident Representative in Egypt, reiterated UNDP's commitment to strengthening its cooperation with MSMEDA. He emphasized the crucial role of the MSME sector in driving economic growth, fostering entrepreneurship, and creating sustainable jobs. Deeb highlighted the importance of innovation, digitalization, and green development in this regard.
The meeting also saw discussions on MSMEDA's achievements in formalizing informal MSMEs, allowing them to access the full range of privileges and incentives granted by Law 152/2020 on the Development of MSMEs.
Both MSMEDA and UNDP recognized the importance of an enabling ecosystem for MSMEs, focusing on improving access to financial and non-financial services and fostering an innovation-driven environment for entrepreneurship.
The meeting concluded with a shared understanding of the critical role of MSMEs in driving sustainable economic growth and community development in Egypt.
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