World Bank : Egypt: US$300 Million Loan Is Creating over 70,000 Jobs

Opening the doors to entrepreneurs

The multi-million US dollar loan opens doors for women, youth and other marginalized groups to start and grow their MSEs by using innovative financing tools to expand their access to credit. It aims at increasing access to finance for micro- and small enterprises on a sustainable, commercial basis, promoting growth, job creation and an inclusive financial system.

'Despite the many challenges facing the majority of start-ups, including the marketing and insufficient number of skilled staff, I advise all unemployed youth to become would-be entrepreneurs, 'said Maha Amer, who embarked on a private furnishing business with a group of women to plug a gap in their governorate of Alexandria.

In Egypt, small, young enterprises are the main source of new jobs. They account for more than 98% of businesses, generate more than 85% of employment in the non-agriculture private sector, and 40% of total employment. 'The project created over 70,000 jobs, of which more than 30, 000 are through small enterprises and more than 40,000 through micro-enterprises, 'said Laila Abdelkader, the Banks' project team leader.

While stimulating growth and generating employment, the project has also been successful at reaching people and communities that previously lacked much access to finance.

'Women represent over 30% of total beneficiaries, while youth represent 40%. Moreover, almost 70% of the loan caters to previously under-served governorates and poor villages, with a focus on Upper Egypt,' Abdelkader added.