Basil Rahmi, CEO of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), expressed the agency’s dedication to supporting innovation and entrepreneurship. This commitment was highlighted at the 11th Rise Up summit, endorsed and attended by the Prime Minister.

Rahmi emphasised the Prime Minister’s presence and address at the summit as a testament to the Egyptian government’s endorsement of young innovators and entrepreneurs. The aim is to bolster their contributions to the economy and to introduce services and products that align with local market demands.

Further, Rahmi detailed MSMEDA’s collaboration with various state bodies to extend financial and technical support to entrepreneurs, aligning with the Prime Minister’s directives. A notable initiative is the inaugural venture capital program, established in partnership with the World Bank Group. This program supports the government’s agenda to create job opportunities, foster entrepreneurship, and cultivate a robust venture capital ecosystem.

The program also aids new and seasoned investment funds experienced in venture capital and bolsters high-growth potential companies and innovative ventures.

Rahmi reported the success of MSMEDA’s pavilion at the Rise Up summit, which facilitated interactions with the youth and summit attendees, educating them about the agency’s services and guiding them through the processes of starting or expanding their businesses.

He highlighted the participation of numerous artisans and cultural heritage proprietors at the Grand Egyptian Museum exhibition. This included projects that benefited from MSMEDA’s services, particularly those aimed at increasing employment for women in Upper Egypt, supported by the Spanish Agency for International Development Cooperation.