CAIRO: The Cabinet approved the presidential decision to take a $300 million loan from the International Bank for Reconstruction and Development (IBRD,) according to its official Facebook page Saturday.
The money will be used to finance small and medium enterprises (SMEs) in support of youths and women.
Secretary General of the Arab Investors Union (AIU) Ambassador Gamal Bayoumi told The Cairo Post that the loan would help youths expand their businesses. He claimed that IBRD is known for giving loans with easy conditions, a long period to pay, and a grace period.
Focus on support of small and medium enterprises is believed by many figures to be a possible solution to Egypt’s economic woes.
Presidential candidate Hamdeen Sabbahi had listed support of small and medium enterprises (SME’s) in his economic platform. He promised to initiate one million new projects within a year and 5 million new projects within four years, mainly targeting women, households, and youths, according his campaign’s official website.
Eitesal Association had launched a program supporting small and medium enterprises (SME) in February to help attract foreign investors. 120 Egyptian companies are set to participate in the program, Youm7 reported.
Vice-Chairperson of Eitesal Hossam al-Gamal said that this is a major project for Eitesal in 2014, adding that the program would last for three months.