Egypt, World Bank sign $200M agreement to support entrepreneurs, SMEs
The agreement was signed by Country Director for Egypt, Yemen and Djibouti at the World Bank Marina Wes and Minister of Investment and International Cooperation Sahar Nasr at the temple of Philae in Aswan. The executive agreement was signed byChief Executive Officer of the Micro, Small & Medium Enterprise Development Agency (MSME) NevineGamea and Wes.
The minister stated that the agreement will focus on increasing the volume of credit available to SMEs and enhancing their access to credit. "The Motivating Entrepreneurship for Employment" project aims to remove any obstacles faced by young people and women when starting a business, according to the minster.
Nasr added that the project will finance training opportunities for new companies across the project's life cycle to build the necessary skills and capabilities.
This project aims to increase the founding capital, capital in the early stage and risk capital available to innovative startups facing higher risks and new SMEs with significant potential for growth and job creation. It will invest $50 million in private-managed venture capital funds such as investment funds, venture capital funds, and investment companies to build the early stages of the investment system in Egypt.
Gamea said that the agreement will depend on the success of the existing project "Promoting Innovation for Financial Inclusion" which provides SMEs with access to finance and promotes job creation in the private sector across the country.
Gameanotedthat the project created about 300,000 jobs, benefiting about 70,000 women and 56,000 young people.
She pointed out that the signing of this agreement will expand the volume of cooperation withthe bank as well asthe development of small and medium enterprises to $1 billion.
"Egypt has shown a strong commitment to its economic reforms and as reforms are coming to fruition, enabling the private sector to create jobs is an integral part of achieving sustainable and inclusive growth. We are proud to support entrepreneurs throughout Egypt, especially women and youth who remain Egypt's valuable but least exploited potential," Wes commented.
President of the World Bank Group (WBG), David Malpass revealed on Saturday, May 4, details of a new project to support the entrepreneurs and small and medium-sized enterprises (SMEs) in a meeting with Investment Minister Nasr.
CAIRO - 5 May 2019: President of the World Bank Group (WBG), David Malpass revealed on Saturday, May 4, details of a new project to support the entrepreneurs and small and medium-sized enterprises (SMEs), in a meeting with Investment Minister Sahar Nasr The $200-million venture comes within a framework of WB's support to offer more opportunities for women and youth in Egypt.