Last Update 12:37
Monday, 14 October 2019

World Bank launches $200 million project to finance small businesses in Egypt

Ahram Online , Thursday 18 Apr 2019
World Bank (Photo: Reuters)
World Bank (Photo: Reuters)
Views: 1638
Views: 1638

The World Bank has announced a new $200 million project for Egypt, aimed at helping young people and women launch businesses.

The project will focus on "expanding the amount and access to credit for small and medium enterprises, which have proven to be a major source of growth and job creation," the bank said in a Thursday statement.

The project will offer $145 million mainly to non-bank financial institutions offering loans to small businesses, with lending targets including women and youth-led businesses, first-time borrowers, and small businesses in underdeveloped parts of Egypt, the bank said.

The bank will allocate another $50 million to privately managed risk capital intermediaries in Egypt to "build up the early-stage investment ecosystem." These include angel funds, accelerators, VC funds, and investment companies.

"Egypt has shown strong commitment to reforming its economy,” said Marina Wes, World Bank country director for Egypt, Yemen and Djibouti.

“While the reforms are beginning to bear fruit, enabling the private sector to create jobs is integral for achieving sustainable and inclusive growth.”

The project, titled Catalyzing Entrepreneurship for Job Creation, will also offer training opportunities for new businesses, to help beneficiaries develop necessary skills to become successful entrepreneurs.

"This is an investment that offers many opportunities to improve the livelihoods of Egyptians through job creation and contributing a solid foundation for the country’s economy," Egypt's Investment Minister Sahar Nasr was quoted in the statement as saying.

The bank says a five-year, $300 million project it launched in mid-2014 has to date created 300,000 jobs by improving access to finance for micro and small enterprises.

The World Bank currently has 16 projects in Egypt, worth a total of $6.69 billion. 


Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.