Latest news with #BasselRahmy
Zawya
5 days ago
- Business
- Zawya
Egypt: MSMEDA signs financing agreement with ‘Flind' to support SMEs
Egypt - The Medium, Small and Micro Enterprises Development Agency (MSMEDA) has signed a new EGP 30m financing agreement with Flind, a licensed digital non-bank financial institution, to expand support for small and medium-sized enterprises (SMEs) across Egypt. The agreement is funded by the World Bank through its Entrepreneurship Support for Job Creation project. The signing was witnessed by MSMEDA CEO Bassel Rahmy, and formalized by Osama Bakry, Head of the Central SME Financing Sector at MSMEDA, and Ahmed Zaky, Managing Director of Flind. Also in attendance were Mohamed Medhat, Deputy CEO of MSMEDA, along with senior representatives from both organizations. Rahmy emphasized that MSMEDA remains committed to increasing access to finance for SMEs in all governorates, particularly in industrial and production sectors. He noted that the agency is working to diversify financing channels—either through direct lending or via partnerships with intermediaries—to facilitate easier, broader access for business owners across the country. 'The agreement with Flind aims to support the development and expansion of existing SMEs by providing funding for growth, asset renewal, and productivity enhancement. It also helps create sustainable job opportunities, particularly for youth, women, and recent graduates,' Rahmy said. The financing package will offer loans starting at EGP 100,000 and reaching up to EGP 5m, tailored to project requirements. Flind's Managing Director Ahmed Zaky expressed his enthusiasm for partnering with MSMEDA, highlighting the importance of using advanced digital tools to deliver fast, fair, and flexible financing to SMEs. He added that Flind is the first licensed digital non-bank financial institution by the Financial Regulatory Authority (FRA) dedicated to SME financing. Zaky stated that Flind aims to inject EGP 1bn into the SME sector during its first year of operations, focusing primarily on short-term loans. 'Through simplified digital procedures and an inclusive financing model, we're working to close the funding gap that still limits SME growth in Egypt,' he said. This partnership marks a significant step toward digitalizing SME finance and promoting economic development through targeted support for small businesses—key drivers of employment and production in Egypt. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Daily News Egypt
6 days ago
- Business
- Daily News Egypt
MSMEDA injects EGP 17.4bn into 900k women-led enterprises over past decade: CEO
Bassel Rahmy, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), announced that the agency has allocated EGP 17.4bn over the past 10 years to support women-led micro and small enterprises across Egypt. This funding has empowered around 900,000 projects and contributed to the creation of approximately 1.2 million job opportunities. Rahmy highlighted that 54% of the total funding—equivalent to EGP 9.4 billion—was channelled into projects located in Upper Egypt, border governorates, and other underserved areas most in need of development. He emphasised the agency's determination to double this financing in the coming period, in line with government efforts to enhance women's economic participation and unlock their potential as drivers of national growth. The announcement was made during the 'Women in SMEs' Conference, organised by the Women Entrepreneurs Club under the patronage of MSMEDA. The event gathered representatives from leading financial institutions, entrepreneurship support organisations, ambassadors, and distinguished female leaders from across various economic sectors. In his remarks, Rahmy reiterated MSMEDA's commitment to working in close coordination with government bodies, civil society organisations, and development partners to further empower women economically. He stressed the importance of supporting women not only in launching new enterprises, but also in expanding and developing existing ones across industrial and service-based sectors. This approach, he noted, aims to cultivate a new generation of pioneering women entrepreneurs who can contribute meaningfully to Egypt's economic transformation. Rahmy also underlined the significance of the agency's participation in such conferences, as they serve as platforms to exchange expertise, share successful models, and align with international best practices—particularly in relation to the SME sector and women's empowerment. These efforts, he said, are central to Egypt's development agenda and are fully aligned with Egypt Vision 2030 and the United Nations Sustainable Development Goals. During the event, Rahmy presented the full range of services MSMEDA offers to support entrepreneurs, including both financial and non-financial assistance. He noted the agency's ongoing efforts to expand the accessibility of its services across the country, especially for women and young people, by leveraging digital transformation tools and platforms. Mona Mourad, Founder and CEO of the Women Entrepreneurs Club, affirmed the Club's commitment to enhancing the capabilities of Egyptian women and enabling them to take the lead in medium and large-scale enterprises. She pointed to the conference's collaboration with the American University in Cairo's Centre for Entrepreneurship and Innovation and Alcatel-Lucent as a prime example of how public-private-academic partnerships can accelerate women's leadership in digital transformation and institutional growth. Mourad commended MSMEDA for its pivotal role in building the capacities of women across various economic activities, particularly by supporting productive, sustainable projects. She added that the agency's presence at the event reflects the growing synergy between state institutions and development actors, both local and international, in creating a thriving ecosystem for female entrepreneurship. In recognition of their success, Rahmy honoured several women who have built notable businesses with MSMEDA's support. Among them was Yasmin El-Sweifi, who owns a thriving restaurant chain in Cairo; Mona Sami, who founded a business producing educational and interactive toys; and Sherine Saleh, who established a manufacturing project for medical and cosmetic supplies. Their achievements, Rahmy said, are a testament to the transformative impact of targeted support and inclusive development policies.
Al-Ahram Weekly
20-06-2025
- Business
- Al-Ahram Weekly
The First of its Kind Collaboration with Imperial College London in the Region - Economy
Ushering through a strategic partnership to drive global sustainability solutions, Mentors Gate Development, a leading consultancy group working on SME and innovative entrepreneurship development across Africa and the Middle East, have joined hands with Imperial College London (ICL), ranked 1st in the UK and Europe; 2nd in the world in QS World University Rankings 2025, to officially launch a groundbreaking Industrial Wastewater Treatment Program, powered by ICL's WICKED Acceleration Labs, marking a critical step in advancing Egypt's environmental, industrial and economic goals. The initiative, unveiled during a high-level event in Cairo, aims to accelerate innovative, scalable solutions for industrial water treatment, aligning with Egypt's Vision 2030, UN Sustainable Development Goals, as well as the ongoing efforts for increased partnerships with the UK and EU countries towards creating viable opportunities for economic development in Egypt and the region. At the heart of this program is a commitment to driving real-world, sustainable impact. Industrial wastewater treatment has emerged as a global and national priority, with challenges pertaining to cost, infrastructure, regulations. The initiative targets not only technical innovation but also practical deployment, ecosystem engagement, and investment readiness. The launch event brought together a distinguished group of speakers on top of whom was Cristobal Garcia, Co-Founder of Wicked Acceleration Labs, Bassel Rahmy, MSMEDA Executive Director, Ambassador Magdy Amer, Former Egyptian Ambassador to China, FAO Communications Expert Rawya El Dabi, and ILO Project Manager Martin Ostenmeier. Respected guests included representatives of the UK Embassy in Egypt, the EU, as well as representatives from the Federation of Egyptian Industries (FEI), government entities, research institutions, and private sector leaders. Some of Mentors' Gates strategic partners have also joined the launch, most notably Orange Digital Center and Track 3 Consulting. Key highlights of the multi-day launch-visit included site tours in Alexandria's industrial zones, discussions at the City of Scientific Research and Technological Applications, and workshops that fostered dialogue between major players in Egypt's innovation ecosystem and lab representatives. Wicked Acceleration Labs Co-Founder & Faculty at IMPERIAL Business School, Dr. Cristobal Garcia-Herrera said that "This collaboration represents the essence of what Wicked Acceleration Labs were created to do—connect top-tier research institutions with on-the-ground 'wicked' and complex challenges in emerging economies, to drive effective solutions by envisioning desirable futures and orchestrating stakeholders. It is also of additional value to carry out this initiative in Egypt, where a spirit of advancement, collaboration and innovation is clearly sensed, and we plan to take this partnership with our partner-elect, Mentors' Gate, as a launching point to forge new, pioneering partnerships in the Middle East". Meanwhile, Dr. Mohamed El-Sery, Founder and CEO of Mentors' Gate Development, clarified that "Egypt is at a pivotal moment, and we believe this program can catalyze long-term change by merging innovation with industrial and environmental imperatives. It is a first of its kind initiative in the region, with one of the world's topmost academic entities on board, and it is an invaluable opportunity to move forward Egypt's sustainability plans". This program builds on the success of the Wicked Accelerator's previous global efforts, most notably with Imperial College London's Zikomo Initiative in Zambia - where Mentors' Gate played a key a role in the initiative - significantly reducing milk spoilage through solar refrigeration technology and increasing farmers' profit by 30-60%. The Egypt edition of Wicked Acceleration Labs seeks to replicate such impact by tackling Egypt's most pressing challenges and capitalize on increased call for sustainable, safety-ensuring and efficient practices, particularly as it comes on the heels of the UK and Egypt's announcement of a pledged $500 M fund towards Egypt's 'green growth' and decarbonization, Mentors Gate, the lead organizer and sponsor of the initiative in Egypt, is a global force in SME acceleration and entrepreneurship. With operations in 41 countries and a robust network of over 47,000 trainees and 12,750 business clients, the organization is well-positioned to empower startups and scale-ups working on sustainable industrial solutions. Their initiatives and projects focus on addressing sustainability, and food-nexus challenges including decarbonization and innovation development. For more information, visit: | Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
22-05-2025
- Business
- Zawya
Latvia's CFLA explores partnership opportunities with Egypt's MSMEDA
Egypt - A delegation from Latvia's Central Finance and Contracting Agency (CFLA) visited the headquarters of Egypt's Micro, Small, and Medium Enterprise Development Agency (MSMEDA) in Cairo to explore potential areas of cooperation. The visit was arranged in coordination with the Latvian Embassy in Egypt. Bassel Rahmy, CEO of MSMEDA, said that the meeting builds on the growing ties between the two sides, which began in December when Latvia participated in the 'Turathna' (Our Heritage) exhibition for handicrafts and heritage products. Discussions focused on aligning Latvia's development cooperation initiatives with Egypt's national priorities—particularly in SME support, digital transformation, and capacity-building. The Latvian delegation reviewed CFLA's experience in providing technical assistance to the SME sector. Both parties also discussed launching joint projects in the near future, including youth and women-focused training programs, support for business incubators and accelerators, and expanded institutional collaboration. Rahmy reaffirmed MSMEDA's commitment to working with international development partners to strengthen Egypt's SME sector. He emphasized the importance of exchanging expertise and implementing bilateral programs that enhance local entrepreneurship and facilitate access to international markets. The Latvian Embassy expressed strong interest in learning more about MSMEDA's operations, project mechanisms, and areas for future cooperation. The meeting was attended by MSMEDA Deputy CEOs Raafat Abbas and Hatem El-Ashry, along with Ieva Juste, Commercial Affairs Officer at the Latvian Embassy in Cairo.
Daily News Egypt
21-05-2025
- Business
- Daily News Egypt
Latvia's CFLA explores partnership opportunities with Egypt's MSMEDA
A delegation from Latvia's Central Finance and Contracting Agency (CFLA) visited the headquarters of Egypt's Micro, Small, and Medium Enterprise Development Agency (MSMEDA) in Cairo to explore potential areas of cooperation. The visit was arranged in coordination with the Latvian Embassy in Egypt. Bassel Rahmy, CEO of MSMEDA, said that the meeting builds on the growing ties between the two sides, which began in December when Latvia participated in the 'Turathna' (Our Heritage) exhibition for handicrafts and heritage products. Discussions focused on aligning Latvia's development cooperation initiatives with Egypt's national priorities—particularly in SME support, digital transformation, and capacity-building. The Latvian delegation reviewed CFLA's experience in providing technical assistance to the SME sector. Both parties also discussed launching joint projects in the near future, including youth and women-focused training programs, support for business incubators and accelerators, and expanded institutional collaboration. Rahmy reaffirmed MSMEDA's commitment to working with international development partners to strengthen Egypt's SME sector. He emphasized the importance of exchanging expertise and implementing bilateral programs that enhance local entrepreneurship and facilitate access to international markets. The Latvian Embassy expressed strong interest in learning more about MSMEDA's operations, project mechanisms, and areas for future cooperation. The meeting was attended by MSMEDA Deputy CEOs Raafat Abbas and Hatem El-Ashry, along with Ieva Juste, Commercial Affairs Officer at the Latvian Embassy in Cairo.
