Latest news with #Rahmy
See - Sada Elbalad
10 hours ago
- Business
- See - Sada Elbalad
Egypt Eyes Chinese Market Opportunities as Guest of Honour at Guangzhou SME Expo
Ahmed Emam Egypt is looking to strengthen economic ties and carve out a greater presence in the Chinese market as it takes center stage as Guest of Honour at the International Small and Medium Enterprises (SMEs) Expo in Guangzhou, running from June 27 to 30. Leading the Egyptian delegation, Basil Rahmy, CEO of Egypt's Micro, Small and Medium Enterprise Development Agency (MSMEDA), and Essam El-Naggar, Commercial Minister Plenipotentiary and Chairman of the General Organization for Exhibitions and Fairs, held a series of high-level meetings with Chinese officials and business leaders on the sidelines of the expo. The talks focused on deepening cooperation between the two countries, with Egypt hoping to tap into China's renowned expertise in building a robust SME sector—a cornerstone of China's economic rise that has created millions of jobs and fueled industrial growth. 'We're exploring how Egypt can benefit from China's successful model, particularly in industrial and manufacturing projects,' Rahmy said, noting that Egypt's government is prioritizing the development of the SME sector as a key driver of economic growth, job creation, and reduced reliance on imports. This focus aligns with directives from Prime Minister Mostafa Madbouly to harness the potential of Egypt's SMEs in boosting investment opportunities, localizing industries, securing supply chains, and raising product quality to global standards—efforts that could enhance Egypt's competitiveness both domestically and in export markets. El-Naggar underscored that Egypt's participation as Guest of Honour reflects the growing depth of economic relations between Cairo and Beijing. 'Trade ties between our countries are continuously evolving. Egypt is keen to attract more Chinese investment and identify new paths for Egyptian products to enter the Chinese market,' he said. He noted that Egypt's presence at the expo—which hosts hundreds of companies from around the world—provides valuable exposure and opportunities for Egyptian enterprises to build partnerships and expand their footprint. 'There's significant potential for Egyptian small businesses to supply goods and services to the Chinese market. This would not only give these businesses access to one of the world's largest economies but also help them innovate, develop new products, and scale up production,' he said. He praised the support provided by Egypt's Ministry of Investment and Foreign Trade, which has worked closely with MSMEDA to enable Egyptian companies to participate in major international trade events. 'Participation in global expos is critical for opening new markets and showcasing the high quality and diversity of Egyptian products,' Rahmy asserted. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Daily News Egypt
5 days ago
- Business
- Daily News Egypt
MSMEDA signs EGP 30m financing agreement with ‘Flind' to support SMEs
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.
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.
Daily News Egypt
02-06-2025
- Business
- Daily News Egypt
MSMEDA, JICA launch 2nd phase of technical cooperation programme to support 20 industrial projects
The Micro, Small and Medium Enterprise Development Agency (MSMEDA) has launched the second phase of its joint technical cooperation programme with the Japan International Cooperation Agency (JICA), aimed at enhancing the competitiveness of small industrial projects in Egypt. The new phase will focus on 20 enterprises across Minya and Alexandria governorates, particularly in the food processing and plastic manufacturing sectors. Bassel Rahmy, CEO of MSMEDA, reaffirmed the agency's commitment to fostering partnerships with international development institutions as a means of supporting Egypt's small enterprise sector—especially industrial and productive ventures. He emphasized that such collaborations enhance the competitiveness of local businesses, empower domestic industries, and help create sustainable employment opportunities for youth. Rahmy made his remarks during a meeting with Masami Yamamori, a member of JICA's expert team, and senior MSMEDA officials led by Deputy CEO Raafat Abbas. The meeting marked the official launch of the second phase of the cooperation programme, which is part of a broader initiative to strengthen business development services for Egyptian enterprises. 'This second phase reflects the continued confidence of international institutions in Egypt's economy and its promising investment environment,' Rahmy said. He added that MSMEDA and JICA have agreed to maintain close cooperation to support industrial and productive enterprises in both Minya and Alexandria. The programme will involve business development service providers who will offer technical support to factory owners, enabling them to scale their operations and access global markets. Deputy CEO Raafat Abbas explained that the second phase of the programme aims to enhance the operational efficiency and productivity of participating businesses. In Minya, the focus will be on food processing enterprises, while in Alexandria, it will target plastic manufacturing businesses located in the Al-Merghem industrial zone. He noted that implementation is already underway, with a series of workshops organized for service providers and business owners. Abbas added that Japanese experts are currently conducting on-site visits to participating factories to deliver technical consultations and propose practical solutions. These visits are part of a sustained effort to help business owners adopt more efficient operating models and improve overall performance. The projects will be closely monitored over the coming months to track progress and ensure results. The first phase of the cooperation programme, which has already been completed, involved 14 projects that received tailored business development support from both Japanese and Egyptian consultants. Lessons learned from that phase are now being applied to expand the initiative's impact in the second stage.
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.
