Minister of Industry and Trade Mounir Fakhry Abdel Nour announced that the World Bank approved a loan of US$300 million to finance micro and small enterprises (MSEs) in Egypt in order to create more job opportunities and develop remote areas in Upper Egypt.
The five-year project is set to reach over 130,000 MSEs, 37 percent of which are owned by women.
The loan is the first of its kind since 30 June which confirms that Egypt restored the trust of international donor organizations, Abdel Nour said during a meeting with representatives of the World Bank Sunday.
The meeting tackled current Bank projects in Egypt and a number of future projects that the Bank intends to implement in cooperation with the Egyptian government during the next phase, Abdel Nour mentioned, pointing out that the Egyptian economy is in need of the projects and expertise of the World Bank.
Abdel Nour added the goverment was trying with all its might to restore the former production and growth rates and to regain the world's confidence in the Egyptian economy.
Edited translation from MENA
