Head of the Enterprise Development Agency: We are working to enhance participation and exchange of experiences with African countries
Basil Rahmi, CEO of the Micro, Small and Medium Enterprises Development Agency, confirmed that the Agency is working in accordance with the state’s directives to enhance cooperation with various countries of the African continent and exchange expertise and successful experiences with similar institutions in African countries with the aim of supporting the medium and small enterprises sector and working to exploit the energies of youth that abound in the African continent, support them technically, disseminate digital transformation tools and modern technology, and help them rely on them more in… Their projects.
These statements came on the sidelines of Basil Rahmi’s participation in the First African Economic Conference (The Africa We Want: Integration and Partnership for the Future), which was held by Al-Ahram Hebdo newspaper under the patronage of Dr. Mostafa Madbouly, Prime Minister and Chairman of the Board of Directors of the Enterprise Development Agency
And in the presence of Dr. Mohamed Fayez Farahat, Chairman of Al-Ahram’s Board of Directors, and Professor/ Nevin Kamel, editor-in-chief of Al-Ahram Hebdo..
Where Rahmy participated in a session entitled “Building African Financial Strength and Financial Integration” Under the chairmanship of Mr. Ahmed Kjouk, Minister of Finance, and the participation of Mr. Muawiyah Al-Sakli, CEO and Managing Director of Attijariwafa Bank, Mr. Ahmed Ragab, Chief Economist – Egypt Office – African Development Bank, Mr. Ahmed Al-Wakil, President of the General Federation of Chambers of Commerce, and Dr. Mufleh Al-Rashidi, Chairman of the Board of Directors of Boubyan Company.
Rahmi explained that the agency is cooperating with the Ministry of Finance in an ambitious development program aimed at promoting the medium, small and micro enterprise sector. Small businesses by providing financial, technical and training support, stressing the importance of helping this sector in exporting to African countries. Therefore, the agency is keen, in cooperation with the Ministry of Finance and all concerned state agencies, to support these projects and introduce them into the official economic sector of the state, which ensures that they benefit from all the services and benefits contained in Law 152/2020 regarding the development of small projects and Tax Facilitation Law 6/2025, which reduced the size of taxes to start from 4.0% and up to 1.5% only for projects that reach Its annual business cycle reaches 20 million pounds.
He pointed out that the entry of medium and small enterprises into the formal sector qualifies them to obtain soft financing from the agency, which helps them develop their productivity, cover the requirements for export, and reach their products to African and global markets.
Rahmi added that in light of the rapid transformations witnessed by the financial and technological services sector at the level On the African continent, financial integration and digital transformation have become essential pillars for achieving sustainable development and enhancing the competitiveness of medium, small and micro enterprises, pointing to the necessity of increasing coordination between the countries of the continent to confront the challenges facing the small enterprise sector to increase its contribution to providing job opportunities, driving innovation and entrepreneurship and enhancing economic growth.
Rahmi added that the shift towards innovative financing and financial technology (FinTech) has become a necessity to enhance financial inclusion, facilitate transactions and access to credit, as well as expand payment networks. This supports e-commerce, reduces dependence on foreign currencies, and enhances financial and economic integration. He stressed that the Enterprise Development Authority is working to increase its contribution to supporting Egyptian-African cooperation to participate in organizing this sector, and to qualify it to benefit from governmental and continental initiatives, especially in the field of digital payments and financial inclusion through creating digital jobs, developing artificial intelligence solutions, and promoting innovation, especially among youth and women.
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