EBRD supports youth entrepreneurship and skills development in Egypt
July 8, 2021
The European Bank for Reconstruction and Development (EBRD) has launched a US$ 120 million Youth in Business programme and a pilot US$ 20 million Skills in Business credit facility during a virtual event held in partnership with National Bank of Egypt (NBE).
The facilities will address key challenges that Egypt faces: the economy suffers from high levels of youth unemployment and increasing emigration as well as structural barriers to accessing key resources for business growth.
The Youth in Business programme will offer young entrepreneurs access to critically needed financing and technical assistance to grow their small businesses. The financing provided to NBE is part of a wider US$ 120 million Youth in Business financing package for Egypt, which the EBRD will also offer to other banks and microfinance institutions for on-lending to micro, small and medium-sized enterprises run by young entrepreneurs.
The offer will be complemented by technical assistance to partner banks to strengthen their lending capacity. In addition, young business owners and managers will have access to advice to increase their productivity and scale up their enterprises.