Irada, (MSMEDA) meet Korean delegation to discuss financing startups in Egypt

Dr. Heba Shaheen, Executive Director of the Egyptian Initiative for Business Climate Reform “Irada” and Mr. Bassel Rahmi, CEO of the Micro, Small and Medium Enterprises Development Agency (MSMEDA) met recently with a delegation from South Korea to discuss policies and financing startups in Egypt.

The aforementioned meeting took place during the delegation’s visit to Cairo.

During the meeting, Dr. Heba Shaheen, Executive Director of the Egyptian Initiative for Business Climate Reform "Irada", indicated that the visit of the Korean delegation comes in light of the importance that the Egyptian government attaches to supporting emerging companies within the framework of the state's comprehensive plan to advance the national economy.

Irada under the supervision of the Ministry of Planning and Economic Development, in cooperation with the European Bank for Reconstruction and Development (EBRD), hosted the Korean delegation against the background of ongoing cooperation between the two sides in the field of preparing policies and legislative studies aimed at creating an attractive legislative environment for investment and financing startups in Egypt.

Shaheen stressed that startups help advance economic and social development, noting that the micro, small, and medium enterprises sector in Egypt is a major engine of the economy and is one of the fastest growing areas that promote economic growth and help regional development.

These projects create job opportunities in the Egyptian market. They are among the most significant factors the Egyptian government focuses on to boost its economy and achieve its sustainable development goals.

For his part, Mr. Basil Rahmi, CEO of the Micro, Small and Medium Enterprises Development Agency (MSMEDA), confirmed enhancing cooperation with all interested international bodies concerned with the small business development sector and the field of entrepreneurship, encouraging young people to self-employment and establishing small projects that provide stable job opportunities, especially innovative projects that meet the growing needs of the Egyptian market.

Rahmi pointed out that cooperation with the Korean side and the "Irada" initiative comes within the framework of benefiting from pioneering experiences in supporting and developing small projects, especially innovative and technological projects, to benefit from these experiences and transfer expertise to Egyptian youth while providing the services and facilities provided by the agency to finance such projects.

Rahmi added that the agency is cooperating with many international agencies to transfer their experiences and use them in developing advanced policies. This will contribute to the advancement of the small projects sector in Egypt.

The Korean delegation comes as part of a series of mutual visits between the two countries, which was preceded by the visit of an Egyptian delegation headed by "Irada" to the State of South Korea, intending to bring about a comprehensive change in the framework governing the work of start-up companies and entrepreneurship in Egypt, and enhance Egypt's image as an attractive environment for investment, and creating desired legislative reform.