The objective of the Promoting Innovation for Inclusive Financial Access Project in Egypt, funded by the World Bank, is to expand access to finance for micro and small enterprises (MSE) in Egypt, using innovative financing mechanisms and financial products such as venture capital, financial leasing and Islamic Sharia-compliant products, with a special focus on youth and women living in remote and rural underserved regions.
The project is mainly a line of credit to the Social Fund for Development to finance MSEs, provided through eligible Public Financial Institutions. Over 5 years the project is set to reach over 130,000 micro and small enterprises, 37 percent of which owned by women. In Egypt, small and young enterprises are the main source of new job opportunities. They account for more than 98 percent of enterprises, generate more than 85 percent of employment in non-agriculture private sectors, and 40 percent of total employment.