Egypt received a loan from the World Bank on 5 December worth USD 1 billion in order to promote the local private sector and pave the way for new job opportunities. From 2015 to 2017, the bank issued Egypt annual loans worth are worth USD 3.15 billion in addition to its newly received round of loans to help its economic reforms program. According to the World Bank statement, the new programme is aimed to support Egypt’s small businesses and entrepreneurial sector who are now the country’s biggest source of employment opportunities. It will help local business development as well as the government performance. World Bank country director for Egypt, Yemen and Djibouti, Samia Msadek, revealed “Egypt has undertaken historical economic reforms over last four years and the priority now is to create jobs for all Egyptians during this next critical phase of the reform programme.” The bank believes that by enhancing accessibility to finances, promoting entrepreneurship and transparency in tax filings and government procurement” would allow independent small businesses to thrive and establish new opportunities. Egypt initiated a series of economic reforms bound to a $12 billion International Monetary Fund…
Egypt Receives a Loan from the World Bank to Help Entrepreneurs and Small Businesses
December 5, 2018
