They also explored expanding the provision of financial and non-financial services to MSMEs and best regional practices on advancing them in Egypt, to expand marketing products and sharing expertise among small entrepreneurs.

During the meeting, Rahmy said MSMEDA is keen on continuing cooperation with UNDP in upgrading MSMEs in Egypt, noting that the agency’s 2024-2026 action plan has been approved.

"This agreement will support MSMEDA within such a pivotal institutional and strategic transition phase in alignment with the state’s ambitious orientations," he added.

Moreover, Rahmy described MSMEDA-UNDP cooperation as constructive in supporting the green economy, innovation, entrepreneurship, and technology.

MSMEDA's CEO also discussed prospects of establishing the Egyptian handicrafts exhibition "Turathna" in many Arab countries to invest in such a successful experience on the regional level.

Dr. Al Dardari affirmed that MSMEs are the backbone of any economy, as they constitute around 98 percent of private enterprises in Egypt and play a crucial role in driving sustainable economic growth and social development.

Additionally, he expressed his pride in extending a project between UNDP Egypt and MSMEDA to empower MSMEs in Egypt.

"Together, we will strengthen the MSME ecosystem, support policy dialogue, create employment opportunities for women and youth, support digitalization, and promote a green economy," he emphasized.

MSMEs contribute about 43 percent of Egypt's gross domestic product (GDP), according to the Central Bank of Egypt's (CBE) data published in 2022.

CBE said Egypt has 3.4 million micro-sized businesses, 2,200 medium-sized enterprises, and 217,000 small-sized companies.

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