(Ecofin Agency) - In a release published on May 5, 2019, the World Bank announced a $200 million financing to support SMEs in Egypt and boost job creation for women and young people.

According to the release, this financing “aims to empower Egyptian women and youth to become successful entrepreneurs. This is an investment that offers many opportunities to improve the livelihoods of Egyptians through job creation while contributing to a solid foundation for the country’s economy.”

“Egypt’s strong commitment to reform is beginning to show positive results, but more efforts are needed for the benefits to reach all segments of society,” said David Malpass, the new President of the World Bank during his two-day visit in Egypt.

“With this new financing, we are keen to support Egypt’s second wave of reforms, which has at its heart the creation of new opportunities for young people and women, along with further progress toward sustainable and inclusive growth,” he added.