Rinchi
TechInAfrica – The World Bank supports youth and women entrepreneurship in Egypt through a $200 million investment. This investment will go to youth and women-led startups and increase their financial access.
The project is called Catalyzing Entrepreneurship for Job Creation and will channel US$245 million through non-bank financial institutions which will offer loans to small businesses led by youths and women in the country.
Besides youth and women businesses, it also targets first-time borrowers and small businesses in the underserved regions across the country. The project also uncovers coaching opportunities to help them build the necessary skills and capacity to strive for success.
Dr. Sahar Nasr, Egypt’s Minister of Investment and International Cooperation: “Our partnership with the World Bank Group aims to empower Egyptian women and youth to become successful entrepreneurs. This is an investment that offers many opportunities to improve the livelihoods of Egyptians through job creation and contributing a solid foundation for the country’s economy.”
The World Bank’s project investment in Egypt aims at increasing the supply of seed, early-stage, and venture capital for startups and SMEs with high potential for growth and job creation.
The project succeeds the ongoing “Promoting Innovation for Inclusive Financial Access” which support SMEs by providing access to finance and promoting job creation in the country’s private sector. Today, the project has created approximately 300,000 jobs and around 70,000 women and 56,000 youths are benefited from it.
Source: techmoran.com
