Access to Finance for Micro and Small Enterprises (MSE) Project: More than 75,000 loans have been disbursed to Medium and Small Enterprises (MSEs), leading to the creation of over 100,000 job opportunities. Importantly youth, suffering disproportionately high unemployment rates, have been effectively targeted, with beneficiaries between the ages of 21 to 35 representing 60% of all microfinance lending from January 2011 to June 2013.
The strong impact on gender mainstreaming is seen in the increase in the number of female-owned MSEs from about 4,600 to about 20,500 between June 2012 and June 2013, representing 25% of financed projects. In light of regional disparities, the project allocated approximately 40% of the value of disbursed micro loans, and 30% of small loans, to previously underserved governorates.
Affordable Mortgage Finance Project: The Bank’s support was instrumental for the increase of the mortgage market. By June 2013, more than 8,400 mortgage-linked subsidies had been disbursed, and the supply of new units in the affordable housing range is expected to pick up. The government will build 75,000 new units of 75 m² for a sales price of LE100,000 Egyptian pounds. The legal, regulatory and institutional framework for the Mortgage Finance Subsidies Program was strengthened, and the institutional framework to enhance transparency put in place.
Labor Intensive Public Works Program: The project reached more than 3,000 beneficiaries of which 67% were female, 80% came from Upper Egypt, and 82% were youth. Furthermore, in order to expand social protection for the most vulnerable, a World Bank multi-sector team provided technical advice to the government on subsidy reform and cash transfers and supported the establishment of an inter-ministerial Technical Working Group to design a cash transfer program.
Energy projects: The Natural Gas Connections Project has successfully financed gas connection to more than 365,000 households representing 15% of connected households in Cairo and Giza governorates. The project has connected more than 90,000 low income households to the gas distribution network and created more than 3,000 jobs, mainly in network installation and maintenance. The World Bank also supported the building of gas-fired power plants as well as a project for high-voltage transmission lines and a wind power plant. The Helwan South Power Project includes a specific grievance redress mechanism to avoid disputes with local stakeholders.
Water and irrigation projects: More than 40,000 farmers are benefiting from improved wastewater collection and treatment services. Also irrigation and drainage services have been improved for more than 680,000 beneficiaries. Moreover, the World Bank helped establish 9,800 water user associations, and successfully completed the first wastewater pilot project of this sort in Egypt.
Transport projects: The World Bank supports the rehabilitation and expansion of an existing terminal (Terminal 2) at Cairo airport, and is contributing to the modernization of railway signals between Alexandria and Assiut.
Investment support: The Multilateral Investment Guarantee Agency reinsured the United States Overseas Private Investment Corporation’s coverage of Apache Corporation’s investments in its subsidiaries in Egypt.