Egypt Approves $50M AFESD Loan to Finance SMEs

Egypt has approved of a loan agreement with the Arab Fund for Economic and Social Development (AFESD) amounting to $50 million. The loan aims to nurture and finance programmes to support small and medium-sized enterprises (SMEs) as well as private sector projects in the country.

AFESD’s committee shed light on the significance of the agreement, reporting that the deal spotlights the need to encourage youth to actively participate in and serve as the backbone nurturing the SMEs ecosystem, in order to create job opportunities, reduce unemployment, and ultimately establish projects spearheading the economy.