Investment min., WB discuss details of new project worth $200 mln

CAIRO, May 4 (MENA) – Investment Minister Sahar Nasr and President of the World Bank Group David Malpass revealed on Saturday the details of a new project to support the entrepreneurs and small and medium-sized enterprises (SMEs).

The $200-million venture falls within a framework of WB’s support to offer more opportunities for women and youth in Egypt.

Nasr pointed out that Egypt and WB cooperate in setting up projects which focus on boosting the social protection and inclusion of all citizens, improving competitiveness and infrastructure in less developed regions, and developing digital development strategy to prepare youth for future jobs.

WB’s portfolio in Egypt includes 16 ventures worth $6.69 billion, the minister added.

Malpass, currently on a visit to Egypt, said the bank is committed to supporting the private sector and entrepreneurship as a source of economic growth here and help the woman and youth, adding that President Abdel Fattah El Sisi exerts efforts to offer job opportunities for them.

The WB officila is set to visit on Sunday Benban Solar Park in Aswan and Takaful and Karama (Solidarity and Dignity) project.

Earlier in April, the bank gave its final approval to the project for supporting reforms aimed at securing further jobs for young people and women. It is meant to increase the volume of credit to SMEs.