MSMEDA, UNDP discuss boosting cooperation to enhance SMEs in Egypt – Dailynewsegypt
Basil Rahmi, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), has met with a high-level delegation from the United Nations Development Programme (UNDP). The delegation, led by UN Assistant Secretary General and Regional Director of UNDP Bureau for Arab States, Abdallah Al Dardari, discussed future collaboration between MSMEDA and UNDP. Their goal was to expand the provision of financial and non-financial services to Egypt’s MSME sector.
During the meeting, Assistant Foreign Minister and Director of the Department of International Cooperation for Development, Ambassador Hamdy Sheaban, was also present.
The UNDP delegation included Alessandro Fracassetti, UNDP Resident Representative in Egypt, and Abeer Shakweer, UNDP Egypt Assistant Resident Representative and Inclusive Growth and Innovation Team Leader. They joined representatives from MSMEDA and UNDP.
Rahmi emphasized MSMEDA’s commitment to ongoing cooperation with UNDP. He stated, “MSMEDA’s action plan for 2024-2026 has been finalized.”
“This agreement will provide support to MSMEDA within such a pivotal institutional and strategic transition phase in alignment with the State’s ambitious orientations and the vision of Prime Minister of Egypt and MSMEDA’s Board Chairperson Mostatfa Madbouly on bolstering up the promising MSME sector,” Rahmi stated.
In their discussions, Rahmi and UNDP officials explored best regional practices for developing MSMEs. They also strategized on expanding marketing opportunities for small enterprises and sharing expertise among entrepreneurs. Additionally, they considered establishing the Egyptian Handicrafts Exhibition “Turathna” in various Arab countries, capitalizing on successful regional experiences.
Rahmi described MSMEDA-UNDP cooperation as constructive, particularly, on many pioneer areas, namely, supporting green economy, innovation, entrepreneurship and technology.
“MSMEs are the backbone of any economy. In Egypt, they constitute an impressive 98% of private enterprises and play a pivotal role in driving sustainable economic growth and social development. Today, we are proud to extend a crucial project between UNDP Egypt and MSMEDA, continuing to empower MSMEs in Egypt in line with our commitment to leave no one behind. Together, we will strengthen the MSME ecosystem, support policy dialogue, create employment opportunities for women and youth, support digitalization, and promote a green economy,” said Assistant Secretary-General and Regional Director, UNDP Regional Bureau for Arab States Abdallah Al Dardari.
“The strategic partnership between UNDP and MSMEDA has been instrumental in advancing Egypt’s MSME sector. MSMEDA’s role is pivotal for transforming Egypt’s real economy towards a more competitive, inclusive, and export-oriented sector. UNDP will continue to support MSMEDA in implementing this strategy and advancing policy dialogue with MSMEs.” Said Alessandro Fracassetti, UNDP Resident Representative in Egypt.
Pleased with our institutional partnership with MSMEDA and our collective efforts to strengthen the enabling environment for entrepreneurship and innovation. Our support focuses on formalization and the acceleration of MSMEs towards digitalized, high-productivity, export-oriented, and environmentally sustainable growth. This partnership has empowered MSMEDA through critical transitions, enabling it to fulfill its mandate of promoting micro- and small-businesses, creating jobs, fostering innovation, and facilitating sustainable transformation in Egypt’s MSMEs sector,” said UNDP’s Shakweer.