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Egypt’s Youth Get $2B Boost To Fund SMEs

Egypt’s Youth Get $2B Boost To Fund SMEs

For Egypt’s younger population, there have always seemed to be hurdles in establishing small businesses, because government funding is more than often funneled to large enterprises, CCTV Africa reported. Now the country is putting aside $2 billion with hopes of jump-starting youth-led SMEs.

“This will be a ray of light for the youth. We will fund the SME and help in marketing, but the youth must work hard for their project to succeed. It won’t be easy,” Ibrahim Mehleb, Egypt’s prime minister said in the report.

While the funding pool will double each year, officials say that reformed laws and regulations will have to accompany this new strategy for business and employment promotion.