World Bank has approved the allocation of USD 200 Mn to support entrepreneurs and small and medium-sized enterprises (SMEs) in Egypt.
The funds will give a top priority to women-run projects according to Investment Minister Sahar Nasr.
While addressing a session in a World Bank meeting dubbed ‘A New Economy for the Middle East and North Africa’, the Investment Minister said the ministry called upon business women to get the funds.
She notably, highlighted the importance of boosting support offered by the bank to the private sector, along with encouraging innovation in the Arab region.
World Bank Group Vice President for Middle East and North Africa Ferid Belhaj expressed approval of the progress achieved by Egypt in empowering women and supporting SMEs, along with the domain of communication and information technology.
Belhaj also lauded the digital transformation adopted by Egypt’s government as well as efforts employed by the government to embrace the digital movement through creating a digital participatory environment among state ministries and institutions.
The two sides insisted on the importance of a joint regional cooperation with the purpose of enhancing the regional economic integration that targets improving the pro-emerging projects business climate.
As more and more women continue to turn the VC funding tide, women entrepreneurs are rising more than ever before.They have busted stereotypes and are striving to bring about progressive changes in the business ecosystem. The quench for success has forced them to surpass all road blocks that were preventing them from succeeding. London is a perfect example of a region thriving with startup hubs that are women-led.
Numerous studies continue to confirm that the number of women business owners and entrepreneurs is on a rapid rise. The success of these businesses has been linked to a notion that women are owning their own businesses more.
Featured Image Courtesy: IDB Invest