Bassem Rahmi, CEO of Egypt’s Micro- Small- and Medium-sized Enterprises Development Agency (MSMEDA) has emphasized the agency’s commitment to implementing the political leadership’s directives aimed at enhancing cooperation with relevant entities in the development and advancement of the small business sector in Arab countries.
The agency seeks to exchange expertise regarding mechanisms that drive the growth of the sector, contributing to improving the quality of life in Arab communities, providing sustainable employment opportunities, opening Arab markets for trade, and ensuring the success and continuity of these projects.
This statement came on the occasion of the signing of a memorandum of understanding between Bassem Rahmi and Ali Mohsen Ismail Al-Alaq, Governor of the Central Bank of Iraq (CBI), during the joint Egyptian-Iraqi committee meetings, chaired by Dr. Mostafa Madbouly, Prime Minister of Egypt, and Engineer Mohammed Shiaa Al-Sudani, Prime Minister of Iraq.
Rahmi stated that the collaboration between MSMEDA and the CBI aims to establish links between small projects in both countries. The agency will share its expertise in business development and support for medium and small projects with similar entities in the Republic of Iraq, implementing successful financing and technical support mechanisms that enable the growth and sustainability of this sector.
Rahmi also mentioned that through this collaboration, the agency will transfer its experience in entrepreneurship programs, establishing business incubators and technological incubators, promoting a culture of self-employment among youth, developing entrepreneurship skills, conducting intensive training courses in project development, non-financial services for youth and women, and training trainers (TOT) in entrepreneurship. He affirmed that this cooperation will result in a common Arab development strategy for the growth of medium, small, and micro projects, along with the creation of a suitable legislative environment for their development. Rahmi highlighted Egypt’s experience in formulating appropriate laws for the nature of these projects as an example to follow.
Additionally, according to the protocol, joint exhibitions will be organized in Egypt and Iraq to expand the marketing of products by project owners, thereby increasing trade exchange between the two countries, particularly through medium, small, and micro projects.
(Source: MSMEDA)
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