$300mln Loan from WB to Egypt

The World Bank has granted Egypt a loan of USD 300 million after the revolution to finance small and medium-sized enterprises (SMEs) in the country, said Hartwig Schafer, World Bank Country Director for Djibouti, Egypt and Yemen. The bank has contributed to establishing 4,000 projects over the past two years, he said, adding that each project created some 5-15 jobs.

Through the funding of these projects, the economic growth can go higher to usher in more jobs, the World Bank official said. He said the World Bank is trying to support local banks to offer loans to small and medium-sized enterprises due to their role in supporting the country's economy.

The World Bank official said that any improvement in the economy hinges primarily on incentives the Egyptian government should offer to give it a shot in the arm. The government should act to ease measures to lure local and foreign investments to fund and establish projects, Schafer said in press statements on 17/05/2013. He also stressed the importance of setting rules to face changes and global price increase.