CAIRO: Interim President Adly Mansour approved a syndicated loan between Egypt and the World Bank for Reconstruction and Development valued at $300 million Saturday to finance micro and small enterprises (MSE) in the upcoming period, Youm7 reported.
The $300 million loan was initially signed between the Egyptian delegation and World Bank officials in Washington on April 12.
Minister of Planning and International Cooperation Ashraf Al-Arabi was head of the Egyptian delegation and he added that the loan would be used to fund 130,000 new MSE projects, 37 percent of which are owned by women, according to Al-Arabi.
The new MSE project is one of the World Bank’s 21 existing projects in Egypt that total $4.1 billion.
The government aims to use micro-loans to boost MSE projects, to support the poor and help breadwinning women, presidential spokesman Ihab Badawi announced Saturday.
Badawi unveiled that 71 percent of the loan total will be a grant for Egypt and the remaining 29 percent will be repaid in 27 years after a 7-year grace period.