MSMEDA backs innovative projects to enhance their role in national economy
Newspaper Title: www.egypttoday.com
Newspaper Number:
Thursday - 16 February 2023
CAIRO - 16 February 2023: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) is continuing its unremitting efforts to provide a climate conducive to the growth of the field of entrepreneurship in Egypt, affirmed the agency's CEO Bassel Rahmy.
The MSMEDA is also working to provide technical and financial assistance to the owners of entrepreneurial, creative and technological ideas and activate their role in national economy, he added during a speech he delivered at a celebration organized by Flat6Labs, a regional seed program and fund, at the Grand Egyptian Museum (GEM) on the occasion of graduating 12 startups in the seed funding project in Cairo.
The government gives top priority to promoting cooperation and coordination with the various entities working in the activity of supporting entrepreneurship and venture capital funds, he said.
The move comes as part of the government's plan to move toward a digital economy and attain the Sustainable Development Goals (SDGs) in line with Egypt's Vision 2030, he further said.
Egypt's economy is distinguished by being diversified and balanced, he said, adding that it is also based on innovation and knowledge.
The upcoming period will witness unprecedented development in the services which are provided by the agency in cooperation and coordination with the various State's bodies and the private sector's institutions, he went on to say.
The agency gives top priority to cooperating with various governmental bodies and private sector to bridge the gap between youths and service providers, he further said.
The agency launched venture capital (VC) fund with 50 million dollar financing from the World Bank to support entrepreneurship projects, he noted.
Launched and headquartered in Cairo since 2011, Flat6Labs has multiple offices across the region with ongoing plans to expand into other emerging markets.
