Cairo: The Micro, Small and Medium Enterprise Development Agency (MSMEDA) is cooperating with the World Bank (WB) to upgrade the Egyptian entrepreneurship eco-system, CEO Bassel Rahmy said. MSMEDA is committed to enhancing Egyptian startups with financial and technical support by developing innovative ideas to reach the commercialized stage, Rahmy added.
According to State Information Service Egypt, Rahmy pointed out that this set of supportive programmes targeting entrepreneurs and innovative ventures ‘comes in cooperation with development partners and international organizations that have full conviction and confidence in the Egyptian youth’s ability to establish their startups at home and expand in regional and global markets.’ The World Bank is a key partner in supporting Egypt’s entrepreneurship ecosystem, Rahmy noted, adding that both MSMEDA and the WB collaborate on various programmes to provide technical assistance to startups.
Rahmy’s comments follow a three-day workshop, co-organized by the World
Bank and MSMEDA, on providing innovative ventures and entrepreneurship support organizations with best practices for regional expansion, including startup evaluation, market targeting, risk assessment, and product and service development. The workshop is part of the World Bank’s ‘Accelerating High Growth Entrepreneurship in Egypt’ programme and is supported by the Italian Agency for Development Cooperation.
Rahmy explained that the specialized technical capacity-building programmes for startup founders and ecosystem organizations aim to enhance their ability to sustain businesses amidst economic transformation. Additionally, such programmes aim to empower them to make informed decisions regarding regional and global expansion and thus improve their ability to attract necessary investments for company growth.
According to Rahmy, MSMEDA aims primarily to support startups, create a conducive investment environment, increase the number of startups, and empower entrepreneurs to transform their innovative ideas i
nto successful projects. He stressed that such workshops provide a valuable platform for exchanging ideas among ecosystem players, including founders, accelerators, incubators, and service providers in a rapidly evolving technological landscape.
Furthermore, Rahmy highlighted that providing supportive programmes for Egyptian startups complements MSMEDA’s Venture Capital Programme, funded by the World Bank. This programme aims to support existing or new venture capital fund managers and help startups access regional and international markets. Established in 2017, MSMEDA is the central body for SME and entrepreneurship development.