Dubai: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has achieved a major international milestone by winning a prestigious award from International Finance Magazine during the latest International Finance Awards, in recognition of its specialized venture capital program and its support for Egypt's startup ecosystem.
According to State Information Service Egypt, the award was received by Mr. Basel Rahmy, CEO of MSMEDA, who expressed pride in this global recognition, noting that it reflects Egypt's international standing and the leadership's strong commitment to youth, innovation, and entrepreneurship. He highlighted the continuous support provided by various national entities to the agency's venture capital activities and the financing of specialized Egyptian funds that back innovative startups.
Rahmy also praised the ongoing cooperation with the World Bank, which provided pound 50 million in funding to implement this ambitious program. The initiative aims to finance innovative startups and provide specialized training programs for young innovators and entrepreneurs, helping them develop their products and services and access global markets. He affirmed that this cooperation continues with the encouragement of Prime Minister Dr. Mostafa Madbouly, Chairman of MSMEDA's Board, and under the supervision of the Ministry of Planning, Economic Development, and International Cooperation, to secure further funding that will expand the base of these vital projects in Egypt and support their growth and export potential.
The award ceremony in Dubai was attended by Mohamed Medhat, Deputy CEO of MSMEDA; Hany Emad, Head of the Venture Capital Sector; and Ms. Laila Abdelkader, representative of the World Bank.
The International Finance Awards is a global initiative organized by International Finance to honor leading institutions and entities in the financial and economic sectors based on objective criteria, including excellence in delivering innovative financial services, strategic leadership, and positive market impact.
The award recognized MSMEDA's role in establishing and developing its Venture Capital Programme, one of Egypt's pioneering government initiatives aimed at promoting venture investments, financing high-growth startups, and attracting local and international private capital to the Egyptian market. The program has expanded access to funding for promising companies, enabled their growth and expansion, and stimulated the broader entrepreneurial environment.
This international recognition underscores the effectiveness of MSMEDA's strategy in combining innovative financing tools with strong governmental support frameworks that help startups overcome traditional funding barriers and compete regionally and globally. It also reflects the growing interest of the global financial community in Egypt's experience in developing a venture capital ecosystem as a key driver of innovation and economic growth.
The venture capital program forms part of a broader national strategy designed to enhance the ability of startups and fast-growing SMEs to access appropriate early-stage financing, directly contributing to job creation, increased investment, and technological innovation across economic sectors.
This achievement highlights MSMEDA's role as a key contributor to development finance and entrepreneurship in the region and positions its experience among successful international models that have delivered tangible impact in supporting inclusive and sustainable economic growth.