Mashat: We work to encourage investment into MSMEs

Minister of International Cooperation Rania al-Mashat said her ministry works to encourage investment into micro, small and medium-sized enterprises (MSMEs), through constructive partnerships between development partners and relative parties.

She added the International Cooperation Ministry coordinates with development partners and various government bodies to achieve the national sustainable development strategy (Egypt’s Vision 2030) and the Sustainable Development Goals (SDGs) that include supporting micro, small and medium-sized enterprises, as well as entrepreneurship.

Mashat’s comments came during her meeting on Saturday with CEO of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA) Bassel Rahmy to discuss the funding needed by the agency to strengthen its role in this sector.

The minister noted that micro, small and medium-sized enterprises play a key part in advancing the economic growth and securing jobs.

On his part, Rahmy lauded the great efforts exerted by the International Cooperation Ministry to provide the necessary financing for the MSMEDA, through loans and grants to help the agency continue its role in backing micro, small and medium-sized enterprises.

The volume of concessional financing for micro, small and medium-sized enterprises within the International Cooperation Ministry’s portfolio currently stands at USD 940 million.

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