World Bank pumped $700 million into Egypt SMEs in 2 years – minister

The World Bank secured $700 million in support of the small-sized projects in Egypt over the past two years, said Egyptian Minister of International Cooperation Sahar Nasr on Monday.

Speaking at an SME conference in Cairo, Nasr said her ministry is negotiating with international financial institutions and funds to secure more financings for the small and medium-sized industries, which are the catalyst for Egypt’s economic growth.

SMEs provide employment to more than 60 percent of Egypt’s labour market, yet the amount of funding dedicated to these enterprises does not exceed 24 percent, the minister added.

“This sector (SMEs) is on the government’s top priority.” Nasr said