|21 January, 2020

World Bank provides $200mln finance to Egyptian SMEs

The bank funded around 450,000 projects in Egypt

World Bank President David Malpass speaks during a news conference at the Spring Meetings of the World Bank Group and IMF in Washington, U.S., April 11, 2019.

World Bank President David Malpass speaks during a news conference at the Spring Meetings of the World Bank Group and IMF in Washington, U.S., April 11, 2019.

REUTERS/James Lawler Duggan

Cairo: Egypt’s Micro, Small, and Medium Enterprise (MSMEs) Development Agency has signed $200 million facility agreement with the World Bank, according to a statement released on Tuesday.

The finance provided by the World Bank will be injected into the Egyptian market through banks, microfinance and nonbanking organisations, factoring companies, and cooperatives, head of the MSMEs Development Agency Neven Gamee said.

The agency’s agreement with the World Bank includes allocating $5 million to finance venture capital offered to startups and small and medium-size enterprises, Gamee added.

The top official noted that Egypt’s cooperation with the bank resulted in funding around 450,000 small and micro-size projects, which created 640,000 jobs across Egyptian governorates.

Source: Mubasher

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