Chairman of the ENCC Participates in the MSMEDA Board Meeting, Chaired by the Prime Minister

MSMEDA-Board-2024

Chairman of the ENCC Participates in the MSMEDA Board Meeting, Chaired by the Prime Minister

Cairo – September 26, 2024

Mr. Seif Allah Fahmy, Chairman of the Egyptian National Competitiveness Council (ENCC), participated in the Board of Directors meeting of the Micro , Small and Medium Enterprises Development Agency (MSMEDA), chaired by Prime Minister Dr. Mostafa Madbouly, at the government headquarters in the New Administrative Capital. The meeting was attended by prominent figures in the economic and financial sectors, including the Governor of the Central Bank of Egypt, the Minister of Communications and Information Technology, and the Minister of Local Development.

The meeting focused on the critical role of SMEDA in supporting and developing the SME sector, which is considered a cornerstone of the national economy and significantly contributes to job creation, particularly for youth and entrepreneurs.

Key Discussion Points
The discussions during the meeting covered several key topics, including:

• Enhancing Financial Sustainability: Proposals were discussed to support the financial sustainability of SMEDA, including adjusting the funding limits for projects through direct lending or intermediary institutions.
• Supporting Productive Sectors: The focus was on supporting the industrial and agricultural sectors and their associated value chains, along with projects related to exports and import substitution.
• Rebranding MSMEDA: The meeting also discussed ways to restructure SMEDA's public image to enhance its role as a key driver for youth and entrepreneurs and attract new sectors that support the national economy.

Comprehensive Digital Platform for SMEs
The progress of the national digital platform for small and medium enterprises was reviewed during the meeting. This platform aims to create a comprehensive digital ecosystem to support the sustainability and growth of SMEs by providing an integrated range of financial and non-financial services, as well as developing a digital marketplace connecting small businesses with potential clients, suppliers, and investors.

Preparations for the "Our Heritage" Exhibition
The meeting also addressed the preparations for the annual "Our Heritage" exhibition, which serves as a significant opportunity to promote Egypt's traditional crafts and heritage industries.

It is noteworthy that the Chairman of the ENCC serves on the Board of Directors of MSMEDA by a decision from the Prime Minister, along with five other distinguished experts in fields related to the agency's activities.