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World Bank Channels $200 million to Support Egyptian Startups, Women and Youths

Tech Gist Africa by Tech Gist Africa
04/24/2019
in Africa, Africa News, News
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World Bank Channels $200 million to Support Egyptian Startups, Women and Youths

Photocredit: guardian.ng

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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.

 

More on TechGist Africa:

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  • Samsung Postponed Release of the Galaxy Fold, Here’s Why
  • IMF and World Bank Launches Cryptocurrency Dubbed ‘Learning Coin’ to Study Blockchain Technology
  • World Economic Forum Brings Fourth Industrial Revolution Center to South Africa
  • MIT Inclusive Innovation Challenge 2019 Comes to Africa for the First Time

 

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Tech Gist Africa is a leading online technology and digital media outlet, dedicated to providing latest tech news, product launch, startup news across Africa and sharing simple social media and digital marketing tips for startups, entrepreneurs and business owners.

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