Cairo: Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat witnessed the signing ceremony of a Memorandum of Understanding (MoU) between the Micro, Small and Medium Enterprises Development Agency (MSMEDA) and the Egyptian Regulatory Reform and Development Activity (ERRADA). The MoU aims to measure the legislative impact of Law No. 152 of 2020 regarding the development of medium, small, and micro enterprises, as part of efforts to improve the entrepreneurship environment and enhance institutional cooperation in policy support and regulatory improvements.
According to State Information Service Egypt, the MoU was signed by CEO of MSMEDA Bassel Rahmy and CEO of ERRADA Heba Shaheen. The agreement is part of the state's initiative to create a more supportive legislative framework for the MSME sector and foster entrepreneurship, contributing to sustainable economic growth.
Al-Mashat emphasized the crucial role of cooperation between state institutions in developing the business environment. She noted that the MoU aligns with the government's strategy to enhance the legislative and regulatory framework, empowering entrepreneurs to expand and increase their competitiveness in both local and international markets.
The Minister highlighted the Ministry's commitment to developing supportive policies for MSMEs, recognizing them as a key growth driver and job creator. She stated that the ERRADA initiative is vital for evaluating legislative impacts and preparing studies to improve the investment climate.
Al-Mashat also pointed out the MSME sector's importance in the national economy, stressing that its support is a priority in the state's development plan due to its role in boosting productivity, innovation, and economic empowerment of youth and women.
She underlined that evolving the legislative framework for MSMEs is essential for the economy to adapt to global changes. The Ministry is focused on creating integrated policies aligned with national sustainable development priorities.
Rahmy, CEO of MSMEDA, expressed the Agency's dedication to collaborating with relevant entities to create a conducive environment for all types of projects, encouraging citizens and entrepreneurs to contribute to the national economy.
He added that the MoU with ERRADA will enhance cooperation to support entrepreneurship and strengthen startups' capacity for sustainable economic growth, thereby creating job opportunities. He commended the Ministry's support for MSMEDA's efforts to promote self-employment.
Rahmy noted that the collaboration with ERRADA will positively impact the legislative environment for MSMEs, enhancing decision-making efficiency, supporting state plans, and increasing the sector's competitiveness by studying the legislative impact of Law 152/2020 to aid project development and sustainability.