Cooperation Agreement Signed to Empower Youth in Upper Egypt

Bassel Rahmi, the CEO of the Micro, Small and Medium Enterprises Development Agency, and Major General Amr Abdel Moneim, head of the Upper Egypt Development Authority, have signed a memorandum of understanding aimed at enhancing collaboration between their organizations. This initiative is part of broader efforts to boost economic development in Upper Egypt’s provinces.

The agreement focuses on supporting Upper Egyptian governorates by improving the economic conditions for their residents and utilizing the abundant natural resources available in the region. The goal is to create more job opportunities by providing training that equips citizens to establish industrial and productive projects that are well-received in the market.

Rahmi emphasized that this signing continues the ongoing coordination between the agency and the Upper Egypt Development Authority to create a conducive environment for the growth and expansion of micro, small, and medium enterprises (MSMEs) in these provinces. It also aims to assist citizens in identifying available investment opportunities and leveraging them to either launch new projects or expand existing ones, particularly in industrial and productive sectors. This initiative aligns with directives from Prime Minister Mostafa Madbouly, who has stressed the importance of supporting Upper Egypt.

He praised the efforts of the Upper Egypt Development Authority in facilitating support for entrepreneurs, including providing available spaces for rent or usufruct to those looking to start new projects or enhance existing ones. This approach activates Law No. 152/2020 on enterprise development, which includes allocating lands or units in production areas for small projects under temporary allocation or rental agreements.

The agency will assist young entrepreneurs interested in launching new ventures or improving their current businesses by offering financial and technical support. This includes helping them obtain necessary licenses for official operations as well as assisting them in preparing business plans and feasibility studies to increase their chances of project expansion.

Furthermore, Rahmi noted that collaboration with the Upper Egypt Development Authority will also encompass developing production clusters such as cultivating and drying aromatic and organic plants, honey production and packaging, as well as promoting handicrafts. The agency will also aid entrepreneurs in marketing their products through participation in various exhibitions both locally and internationally.

Major General Amr Abdel Moneim highlighted that his authority possesses a comprehensive map of craft complexes comprising 19 craft hubs with over 128 diverse workshops across several production sectors. He affirmed that these complexes serve as a crucial base for supporting small industries and crafts while fostering local development in targeted provinces. The collaboration represents a fundamental pillar for establishing small, medium, and micro enterprises while providing financial, technical, and non-financial support to beneficiaries.

He further stated that there is significant focus on empowering youth and women while supporting entrepreneurs as part of the state’s vision for achieving sustainable and balanced development. The partnership with the Micro, Small and Medium Enterprises Development Agency is seen as a vital step towards accelerating economic growth by maximizing the utilization of natural and human resources in Upper Egypt while mitigating operational and financial risks faced by entrepreneurs through technical support services.

In conclusion, he underscored the importance of building a strategic relationship with the Micro, Small and Medium Enterprises Development Agency to ensure complementary roles are fulfilled effectively. Efforts will be made to offer production units under favorable rental terms for small businesses while providing accessible financing along with technical support services necessary for formalizing operations.