Arab Finance: The Micro, Small and Medium Enterprises Development Agency (MSMEDA) signed a memorandum of understanding (MoU) with the Startup Egypt Foundation to provide startups and entrepreneurs with financial, technical, and institutional support, as per a statement.
The MoU was signed by MSMEDA CEO Mostafa Hassan and Maged Ghoneima, founder and chairman of Startup Egypt, in the presence of Hany Emad, Head of Venture Capital (VC) Program at MSMEDA, and representatives from both organizations.
Under the agreement, MSMEDA will implement activities and initiatives aimed at helping entrepreneurs develop their projects, improve efficiency, and strengthen competitiveness.
The areas of cooperation include specialized training programs for entrepreneurs and business owners, alongside financial and technical services designed to help startups develop their business models and improve their administrative, technical, and marketing capabilities.
Hassan said the agreement reflects directives from Prime Minister Mostafa Madbouly, who chairs MSMEDA’s board of directors, to coordinate efforts among relevant stakeholders and develop an integrated entrepreneurship ecosystem that supports startups and innovation- and knowledge-based enterprises.
As a member of the Ministerial Group for Entrepreneurship, MSMEDA will also help implement Egypt’s Startup Charter and develop practical mechanisms to support entrepreneurs and innovative projects throughout their different stages of development, according to Hassan.
He added that the partnership would help coordinate the work of entities operating across the entrepreneurship sector, strengthen the support system available to startups, and improve their ability to expand in Egypt and enter new markets.
Ghoneima said Startup Egypt was established as a link between entrepreneurs and government- and private-sector support providers. He added that the foundation values its partnership with MSMEDA as one of Egypt’s largest entities supporting micro, small, and medium-sized enterprises.
