ADB provides 140 m for SMEs finance

The African Development Bank (ADB) decided to provide $ 140 million for Egypt to finance small -- and medium sized enterprises (SMEs) in addition to other water and drainage projects.

The ADB signed an agreement to that effect with the International Cooperation Sector at the foreign ministry.

ADB representative in Cairo, Mohamed Hanidoush, said that Egypt ranked high among countries cooperating with the Bank due to the pivotal role of President Mubarak and the political leadership in Egypt on the regional and international arena.

The ADB has financed a number of agricultural projects including the rural development project in Bemired governorate. "The project provided career opportunities for youths," he underlined.

The new finance agreement was signed by ADB President Omar Kabbaj and the President of the National Bank of Egypt.