World Bank to Pump US$300 mln for Micro Projects in Egypt by Nov

Dr. Sahar Nasr is the Lead Economist in the World Bank’s Finance and Private Sector Development Department of the Middle East and North Africa (MENA) said a new program for supporting small and medium sized projects in Egypt with US$300 million has been studied, noting that the bank’s board of director is discussing the program and it is expected to approve on it by November.

Nasr has informed Amwal Al Ghad in an exclusive that the program is targeting to finance the fresh graduates and it also focuses on the poorest villages and the highest unemployment outside of Greater Cairo in Upper Egypt and the coastal cities, which is the most important project after June 30.

She explained that the World Bank is keen on having close relationship with the Egyptian people through the support of development programs, pointing out that the bank has supported Egypt with aids during the past years and after January25 uprising, stressing that the bank is aiming to enhance the confidence of the Egyptian people through spreading large-scale programs.

She further emphasized that Egypt’s portfolio is considered to be one of the greatest portfolios in Middle East and North Africa with 21 projects the total value reached US$4.6 billion, till now the bank didn’t use except US$3.3 billion and it will be pumped in the Egyptian market within the coming period.