New US$1 Billion Program to support Egypt’s Private Sector Led Job Creation

A new US$1 billion program has been announced by the World Bank to support the second generation of Egypt’s reform program, which will focus on developing the private sector while enabling inclusive growth.

The new program will promote small businesses, the country’s largest source of jobs, while improving the capacities of local governments to deliver services to their citizens and guide local development.

75% Discount on Premium Membership (Ad)
For a limited time only, this discount offer gives you exclusive access to all the Premium Standard features for NGO grant success. Join Today.

The Private Sector Development for Inclusive Growth development policy financing (DPF) will help finance the government’s own economic development program, ‘Egypt Takes Off.’

The program is designed to support three of the government’s key objectives of job creation, improving government performance and raising living standards.

The DPF is focused on reforms to improve the business environment, with an emphasis on ensuring small businesses have access to finance and new financial technology such as digital payments, along with opportunities to bid for government contracts; while empowering local governorates and districts for local investment planning.

Searching for the fastest way to write proposals? (Ad)
We have an extensive database of sample proposals from successful grantee organizations from around the world offering project ideas, proposal writing techniques and planned strategies. Join Premium to view Sample Proposals

Egypt’s Minister of International Cooperation who also represents Egypt on the World Bank’s Board of Governors,  Dr. Sahar Nasr said, “Our aim is to create more and better opportunities for Egyptians, and our partnership with the World Bank has helped us make steady progress toward that goal. Small businesses are our biggest source of jobs, and with the support of this project we want to make it easier for people to launch them, especially young people and women in less developed areas.”

The new DPF will build on the results of a multi-year Bank development policy financing program that ended in 2017.

Economic growth, a sign of the impact of the reform program, has climbed from 4.2% in 2017 to 5.3% in 2018, and is expected to reach 6% next year.

Are you overwhelmed with too much grant information? (Ad)
Join Premium and view relevant grants and resources on a clean, ad-free and user-friendly Member Dashboard to organize and plan your successful fundraising. Learn more

Reforms in the energy sector have made the supply of electricity to businesses and people more reliable, attracted over US$15 billion in foreign direct investment, and freed up public funds for the quadrupling of budget for social safety nets.

New industrial licensing and investment laws have created a more hospitable environment for private investment, establishing a momentum that the new project aims to maintain and expand on.

Acting World Bank Country Director for Egypt, Yemen and Djibouti, Samia Msadek said, “Egypt has undertaken historical economic reforms over last four years and the priority now is to create jobs for all Egyptians during this next critical phase of the reform program.”

Getting late information about new grants? (Ad)
The Early Grant Information feature for Premium Members ensures that you receive grant announcements much ahead of others so that you can have enough time to research and apply. Join Premium to get early information

Msadek further said, “The focus on improving the availability of finance, developing entrepreneurship and transparency in tax filings and government procurement would help the small and unconnected businesses thrive and create jobs.”

The World Bank finances programs and projects to help Egypt reduce poverty and boost shared prosperity. The new project will complement a broader package of support focused on expanding social protection and social inclusion of citizens, improving competitiveness and infrastructure in less developed regions, developing a digital development strategy for the jobs of tomorrow, leveraging private sector investments for infrastructure, and reforms in the education and health sector to help build human capital.

The World Bank currently has a portfolio of 16 projects in Egypt with a total commitment of US$6.69 billion.

How to write Proposals? How to raise funds? How to research donors? (Ad)
Premium Members can download our rich library of downloadable Ebooks covering topics on how to write funding applications, how to identify new donors, how to contact potential funders. Join Premium to download