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Wednesday, 20 November 2019

Egypt, World Bank sign new cooperation agreement to support SMEs

MENA , Tuesday 7 May 2019
World Bank
World Bank (Photo: Reuters)
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Egypt's Minister of Investment and International Cooperation Sahar Nasr said on Tuesday that cooperation between the World Bank and the Small and Medium Enterprises Development Authority has reached $1 billion following the signing of the latest agreement to support entrepreneurship and small and medium-scale enterprises.

A statement released by the ministry said that Egypt and the World Bank signed the agreement worth $200 million at the end of a visit to Egypt by president of the World Bank Group David Malpass.

The agreement focuses on increasing the volume of available credit for small and medium-sized companies and enhancing access to it as well as encouraging entrepreneurship to create job opportunities and eliminating any obstacles facing youth and women with their startups, the minister said.

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