The African Development Bank group (AfDB), the multilateral development finance agency for the African continent, has approved a loan totalling US$200m to the National Bank of Egypt to finance the government's small- and medium-sized enterprises support (SMES) project. The AfDB's overall financing for the project comprises a line of credit of $200m and a grant of $345,000 for technical assistance. The AfDB said the SMES project would support the Egyptian government’s efforts in promoting economic growth and poverty alleviation through the development of SMEs, which represent more than 97 per cent of the country's private establishments in the non-agricultural sector and contribute two-thirds to the labour force. The project, expected to last for a period of four years, is set to begin in December 2005.
All news and features older than 7 days are subscription only. This article is from the archive. Archived articles could only be accessed with the subscription. If you are a subscriber please log in, alternatively you need to purchase a subscription to view the full content for this page.
