Washington-based World Bank (Photo: Reuters)
The World Bank has approved a $300 million interest free loan to Egypt to fund micro and small enterprises (MSEs), Mounir Fakhry Abdel-Nour, Egypt's minister of industry, commerce and small and medium enterprises, announced on Sunday.
Egypt's government plans to cooperate with the World Bank in building infrastructure for small and medium enterprises, particularly in the impoverished Upper Egyptian governorates, Abdel-Nour said during his meeting with a delegation from the World Bank.
The World Bank is currently developing a strategy for joint projects with the Egyptian government for the upcoming period, said Naggi Bin Haseen, executive director for trade and competitiveness projects in the Middle East at the World Bank.
Last month, the World Bank approved an $8.10 million grant from the Global Environment Facility (GEF) for Egypt's Sustainable Persistent Organic Pollutants Management Project (POPs).