The Micro, Small and Medium Enterprise Development Agency (MSMEDA) has announced an investment of approximately $15.69 million, or EGP 800 million, into North and South Sinai from July 2014 until the end of 2024. This financing has successfully supported around 9 600 small and micro projects, creating over 23 000 job opportunities for local residents in Sinai.

During a speech on Sinai Liberation Day, Bassel Rahmy, the CEO of MSMEDA, emphasized the agency’s commitment to providing both financial and technical support to small enterprises in the region. He noted that their efforts align with directives from Prime Minister Mostafa Madbouly, who chairs the Authority’s Board of Directors, reflecting the government’s vision for comprehensive development in Sinai, particularly aimed at empowering young graduates and women.

Rahmy remarked that MSMEDA’s initiatives extend beyond financial services, incorporating non-financial support such as awareness campaigns, entrepreneurship training, and marketing assistance. He highlighted the agency’s focus on empowering women, mentioning the organization of training courses in traditional crafts and handicrafts, along with administrative and marketing training to help women manage their businesses effectively.

Additionally, MSMEDA has facilitated the marketing of female entrepreneurs’ products through prominent exhibitions, including “Turathna” (Our Heritage). The agency is also providing capacity-building training for associations supporting handicraft industries in Sinai to enhance their competitiveness.

Looking ahead, Rahmy shared that preparations are underway to equip trained women with modern sewing machines and provide specialized training in collaboration with the Spanish Agency for International Development Cooperation. He indicated that MSMEDA has ambitious plans to continue expanding small and micro enterprises in Sinai, offering comprehensive support for both new and existing projects.

Furthermore, MSMEDA’s regional branches have partnered with universities, educational directorates, and civil society organizations to launch free training courses aimed at helping Sinai’s youth acquire the skills necessary to start and manage businesses. These programs assist participants in selecting project ideas tailored to their backgrounds, securing financing, and establishing productive enterprises that utilize Sinai’s abundant natural resources.

Rahmy also emphasized the importance of informing citizens about the incentives provided under Law 152/2020, which focuses on the Development of Medium, Small, and Micro Enterprises. By transitioning from the informal to the formal sector, entrepreneurs can access a wide range of government services and benefits designed to support the growth of their businesses.