The International Finance Corporation (IFC), subsidiary of the World Bank in charge of the private sector, plans to grant a new line of credit to Egyptian banks to finance SMEs, women’s entrepreneurship especially.

The soon to be granted amount has not been disclosed but Sammar Essmat, Gender and private sector expert for Europe, Central Asia, Middle-East and Northern Africa at IFC, indicated that the fund will be granted in the framework of the Women Entrepreneurs Finance initiative (We-Fi). 

The initiative, put in place with World Bank’s help, will enable women of the developing countries to have access to funding and technology. Sammar Essmat adds that IFC is also working on a program with Egyptian banking institutions to provide financial products especially loans to SMEs and trade companies.

The development institution has already operated in Egypt with groups such as the Arab Africa International Bank on a SMEs support project.

Chamberline Moko