MSMEDA Wins International Finance Magazine Award for Its Role in Supporting Startups

The Micro, Small and Medium Enterprise Development Agency (MSMEDA) has achieved a significant international milestone by winning a prestigious award from International Finance Magazine as part of the latest edition of the International Finance Awards, in recognition of its specialized venture capital program and its role in supporting the startup ecosystem.

Global Recognition

The award was received by Mr. Basel Rahmy, CEO of MSMEDA, who expressed his pride in the agency’s international recognition, noting that it reflects Egypt’s global standing and its leadership’s strong commitment to youth, startups, and innovation-driven projects.

He highlighted the continuous support provided by various stakeholders for MSMEDA’s venture capital program and for financing Egyptian funds specialized in supporting startups.

Ongoing Cooperation

Rahmy praised the ongoing cooperation with the World Bank, which provided MSMEDA with €50 million in funding to implement this ambitious program. The program aims to finance innovative startups and deliver specialized training programs for young innovators and entrepreneurs to help them develop their products and services and qualify them to access global market opportunities.

He also emphasized the continuation of this cooperation with the encouragement of Prime Minister Dr. Mostafa Madbouly, who also serves as Chairman of MSMEDA’s Board.

Through the agency, and under the supervision of the Ministry of Planning, Economic Development and International Cooperation, Egypt is expected to secure additional funding to expand the base of these important projects, support their growth, and boost their export potential.

International Initiative

The International Finance Awards are considered one of the leading global initiatives organized by the International Finance platform to recognize institutions and key players in the financial and economic sectors worldwide.

Winners are selected based on objective criteria, including excellence in delivering innovative financial services, strategic leadership, and positive market impact.

Source: Press Release