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Thursday, 30 May 2019

Egypt’s cabinet approves USD 200 mn SMEs loan

CABINET WATCH- Cabinet approves USD 200 mn World Bank SMEs loan: The Madbouly Cabinet approved in yesterday’s meeting the USD 200 mn loan from the World Bank to support SMEs and entrepreneurs signed earlier this month, according to a statement. Both sides agreed on the loan during the IMF and World Bank Spring Meetings in April. Its proceeds include USD 145 mn earmarked for loans to small businesses and USD 50 mn for angel and venture capital funds.

Other decisions taken at the meeting:

  • Approving a draft law to establish an authority to protect lakes and fisheries;
  • Amending maritime activity regulations to require licensed shippers to present EGP 5k-worth of insurance or bank guarantees to port authorities;
  • Shutting down the National Council for Drug Control and Treatment in a move to create a single state-led body responsible for curbing addiction.

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