Egyptian MSEs to benefit from $300m loan
11 March 2010
Entrepreneurs in Egypt may gain access to a loan, which could prove vital in encouraging economic growth in the country.
On March 9th, the World Bank's Board of Executive Directors approved the $300 million (£199.7 million) sum to support financing small and micro entrepreneurs in the region.
As part of the Enhancing Access to Finance for Micro and Small Enterprises (MSE) Project, the loan should support sustainable expansion in Egypt's economy.
Over 99 per cent of Egyptian businesses fall into the MSE category, which also accounts for 40 per cent of total employment in the country.
World Bank vice president for the Middle East and North Africa Dr Shamshad Akhtar said: "Sustainable and inclusive access to finance for will be a spur to employment opportunities, help alleviate poverty and boost economic growth for the most vulnerable citizens."
According to the World Bank, the project is being implemented by the Social Fund for Development and relates to the Middle East and North Africa region.