Sisi approves $95 million OPEC Fund loan to support Egypt MSMEs

Egyptian President Abdel Fattah al-Sisi approved on Thursday a $95 million loan from the OPEC Fund for International Development to support micro, small, and medium-sized businesses in the country.

The money is under the third phase of OPEC Fund’s MSMED Development Project for Egypt.

The third phase of the project aims to help create around 33,000 job opportunities and boost self-employment through the extension of small loans to MSMEs and local banks, NGOs and microfinance institutions.