The World Bank financed nearly 450,000 small and micro projects in Egypt, which in turn created more than 640,000 jobs nationwide, Minister of Trade and Industry Nevine Gamea said Tuesday.
Games, who is also Executive Director of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), praised the efforts exerted by the Ministry of International Cooperation in securing funds for the development activities through international agreements with international institutions and donor countries.
She indicated that the World Bank is one of the most important development partners in financing the agency
A delegation from the World Bank visited several projects funded by the MSMEDA on Tuesday in Aswan governorate. The delegation of World Bank executives arrived in Egypt last week to inspect the development projects funded by the Bank.
During the Aswan visit, the delegation visited an exhibition that includes distinguished handmade products funded by the MSMEDA.
Moreover, a $200m agreement was signed between the MSMEDA and the World Bank to finance SMEs through intermediaries: banks, microfinance institutions and non-bank financing institutions such as financial leasing companies, factoring companies, and NGOs. The agreement includes establishing $50m venture capital to finance early-stage firms.