Arab Finance: Prime Minister Mostafa Madbouly announced Mostafa Ismail‏ as the new CEO of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA), according to a statement.

Ismail officially assumed his duties after Bassel Rahmy handed over leadership. Under Rahmy's leadership, the agency expanded its financial and technical services, launched new programs to support entrepreneurs and business owners, and reinforced its contribution to one of Egypt's key drivers of economic growth and job creation.

Madbouly lauded Rahmy's contributions to boosting MSMEDA's performance, highlighting the agency's vital role in supporting Egypt's micro, small, and medium-sized enterprises (MSMEs).

The prime minister also congratulated Ismail on his appointment, expressing confidence in his ability to build on the agency's recent achievements and continue its development.

Meanwhile, the new CEO is expected to further enhance MSMEDA's role in supporting entrepreneurs, startups, and small businesses, in line with President Abdel Fattah El-Sisi's directives to increase the MSME sector's contribution to the national economy.

The agency recently celebrated its 35th anniversary, coinciding with the UN's World MSME Day, following its launch in Egypt under the name Social Fund for Development (SFD).

Since its establishment in 1991, MSMEDA has injected EGP 79.6 billion in financing into more than 4 million diverse projects, which secured 6.8 million jobs.