ImpactAlpha, April 29 – A third of young Egyptians are unemployed, compared to 13% globally. The World Bank committed $200 million to support small-business lending and entrepreneurial job creation, targeted at Egypt’s women and young people.
Of the total, $50 million will go to private intermediaries, including angel and VC funds and investment companies, “with international players encouraged to apply.” Most of the funding—$145 million—will be invested in financial institutions that lend to small businesses.
“Enabling the private sector to create jobs is integral for achieving sustainable and inclusive growth,” said he World Bank’s Marina Wes. The World Bank has a $6.7 billion portfolio in Egypt.