House of Representatives approves USD1bn loan for SME financing from World Bank
The House of Representatives approved a USD1bn loan from the World Bank, agreed-upon in December to support the next phase of economic reform. The facility aims to support the development of Egypt’s private sector and encourage entrepreneurship and SME growth. The facility came with its own set of conditions, similar to those of the IMF’s USD12bn extended fund facility: improve the business climate, support SMEs and entrepreneurship, curb energy subsidies and come up with a strategy for debt control.
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