The World Bank announced last week that it will support startups in Egypt with $200 million to help fund businesses and create job opportunities for youths and women. The program will also fund coaching opportunities for new businesses to build capacity and hone skill.
The program, dubbed “Catalyzing Entrepreneurship for Job Creation” will address the business challenges faced by women and youths. This is as a result of the difficulty SMEs face in accessing funds from financial institutions. The sum of $145 million will be provided for non-financial institutions to offer loans to small businesses.
See also: Resplash Initiative Seeks to Support Entrepreneurship In Africa
Small and medium enterprises make up more than 98% of businesses in Egypt and creates employment for the citizens. The World Bank has so far committed $6.69 billion in 16 projects to expand social protection and inclusion, develop digital strategies, improve competitiveness and provide infrastructure in developing parts of Egypt.
The Minister of Investment and International Cooperation & Representative on the World Bank’s Board of Governors in Egypt, Dr Sahar Nasr said that the partnership with the World Bank Group is aimed at empowering women and youths to become successful entrepreneurs. The investment will create more jobs and contribute to the economy of Egypt.
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