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Monday, 22 October 2018

Sahar Nasr negotiating with WB over USD 200 mn loan for SMEs

Egypt is in talks with the World Bank for a USD 200 mn loan to fund SMEs and youth-led businesses, Investment and International Cooperation Minister Sahar Nasr said yesterday, according to Al Mal. The funding will be channeled largely toward women-led SMEs and youth startups established through the government’s “Fekretak Sherketak” startup support initiative, according to Youm7. The SMEs Development Authority had previously been in talks with the World Bank for a USD 300 mn loan to finance new projects. It remains unclear whether Nasr was referring to a separate loan package. Nasr and SMEs Development Authority head Nevine Gamea also signed yesterday an MoU to promote youth entrepreneurship ahead of the loan disbursal, according to a ministry statement (pdf).

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