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World bank launches "Enhancing Access to Finance for Micro and Small Enterprises" Project

Egypt has been facing new challenges since 2011 where the economy is struggling and the unemployment rate reached 12.7 %. However, the post-revolution period of Egypt provides new opportunities for businesses and investments.

According to Egyptian Minister of Investment Osama Saleh, Egypt expects a 33% increase in foreign direct investments (FDI) by the end of June. The biggest proportion of FDI is paid by potential Investors from the United Arab Emirates while other than the direct investments, different foreign foundations have been established to support the private sector in Egypt.

The World Bank, in partnership with the Egyptian Social Fund for Development (SFD) launched the Enhancing Access to Finance for Micro and Small Enterprises Project, which aims at providing access to finance for micro and small businesses. 300 Million US-$ are dedicated to this project and 80% of its total amount has already been used.

With credit facilities for micro and small enterprises, it has successfully reached individuals and organizations which struggled for finance and created more than 100.000 new jobs alleviating unemployment and boosting the economy of the country.

To increase visibility for such initiatives and facilitate access to finance for small and medium enterprises (SMEs) and new investment, the German-Arab Chamber of Industry and Commerce and the Confederation of Egyptian European Business Associations are organizing the 3rd Euro-Mediterranean conference and exhibition on donor funding, banking and novel financial instruments on 9-10 February 2013 in Cairo.

MEDAFinance14 gathers major donors and development agencies such as the European Union, World Bank, European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD) and African Development Bank (AfDB) in addition to other organizations offering over € 22 billion of funding opportunities for the private sector.

The conference will be inaugurated by the ministers of International Cooperation, Industry and Foreign Trade, and Investment and Planning. Speakers at the event include the Vice Chairman of EIB, World Bank and the European Bank for Reconstruction and Development as well as Heads of participating business councils.

 

Soure: The Daily News Egypt

For more information on MEDAFinance14, please contact +202 3333 84 78/79

23.1.2014
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    German-Arab Chamber of Industry and Commerce
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    British Egyptian Business Association
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    French Chamber of Commerce in Egypt
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    Delegation of the European Union to Egypt
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    Italian Chamber of Commerce in Egypt
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