A new project will provide access to finance to micro and small enterprises (MSEs) and promote sustainable private sector job creation across Egypt.
The US$300 million loan, approved by the World Bank (WB)'s Board of Executive Directors, will open doors for women, youth and marginalized groups to start and grow MSEs utilizing innovative financing tools to expand access to credit.
The WB Group is committed to supporting the Egyptian people through inclusive growth and private sector jobs with the goal of reducing poverty and promoting shared economic prosperity.
"An inclusive financial system can play a key role in creating jobs and unleashing the entrepreneurial potential of innovative young Egyptians," said Hartwig Schafer, WB Country Director for Egypt, Yemen and Djibouti.
"The project will enhance sustainable and inclusive access to finance and foster innovation", he added.