World Bank to improve financial access for Egyptian MSEs
Micro and small enterprises (MSEs) in Egypt are receiving support from the World Bank in a bid to create more job opportunities and support the local economy.Micro and small enterprises (MSEs) in Egypt are receiving support from the World Bank in a bid to create more job opportunities and support the local economy.
The organisation is helping to open up funding for these companies, which make up more than 99 percent of the country's enterprises.
Called the Enhancing Access to Finance for Micro and Small Enterprises Project, it will use innovative initiatives and a new delivery method to ensure financial services reach a greater number of individuals.
This will therefore help those from poorer parts of the country and contribute to the nation's economic growth.
A David Craig, Country Director for Egypt, Yemen and Djibouti at the World Bank, said: "MSEs have enormous potential to create much-needed employment opportunities for Egypt's growing young population."
This is not the only investment being received by Egypt at present, as an amount of money will be dedicated to the country via the new Maghreb Private Equity Fund III LLC, which was established by the African Development Bank.