The World Bank has approved a $200 million loan to fund Egypt’s small and medium entrepreneurs through the Social Development Fund, Egyptian Minister of Finance Momtaz El-Saeed announced on Tuesday.
The website of the Egyptian newspaper Al-Ahram reported that El-Saeed and World Bank Vice President for the Middle East and North Africa, Inger Andersen, worked out the deal, which is the first World Bank loan under recently-elected President Mohammed Morsi.
The loan is in addition to a $300 million dollar loan given to Egypt by the World Bank last year.