By: Egypt Today
SOURCE: Egypt Today - Egyptian SMEs on the rise! The World Bank funds Egyptian small and medium enterprises by a thumping $1 billion of which $200 million was granted Saturday to the Ministry of Investment
CAIRO – 5 May 2019: The World Bank funds small and medium enterprises by about$1 billion, of which $200 million was granted Saturday to the Ministry of Investment, Chief Executive Officer of the Micro, Small & Medium Enterprise Development Agency (MSME) Nevine Gamea said.
"The project is significant and a great addition to Egypt and Egypt's ability to implement these projects," she said in a special statement on the sidelines of her participation in the visit of World Bank President David Malpas to the world's largest solar project.
Gamea said that the World Bank is one of Egypt's most important partners, pointing out that the project focuses on giving youth and women a chance to enjoy a large share of projects besides entrepreneurship.
Funds are also channeled to many companies in the areas of leasing finance and micro-enterprises, according to Gamea.
Gamea revealed earlier that the project agency injected LE45.8 billion in funds during the period from January 1992 to January 31, 2019, noting that the total loans of small and micro enterprises with a total funding of LE39.6 billion, financed 3 million projects and provided about 4.8 million jobs, where the proportion of women hit 51 percent in all the projects.