World Bank has announced a $300 million loan for micro and small scale enterprises (MSEs) in remote and rural areas in Egypt, with the aim of boosting job opportunities in the private sector.
“The project will reach out to remote, rural and underprivileged areas in Egypt, will provide people with economic opportunities and will contribute to improving their lives,” Sahar Nasr, World Bank’s lead economist and project team leader said.
The fund is specifically targeted at small businesses because they have become the major driver of Egypt’s economy, increasing employment rate by 40 percent and creating about 85 percent of job opportunities in non-agricultural sector.
Nasr pointed out that the project will create income-generating opportunities for entrepreneurs and youths by reaching out to 130, 000 enterprises in five years, 37 percent of which are owned by women.
Currently, the World Bank has made an investment of $4.6 billion and $190.2 million in projects and grants respectively in Egypt.
