Libya Business News
Tuesday, October 3, 2023
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
No Result
View All Result
Libya Business News
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
Libya Business News
No Result
View All Result
Home Banking & Finance

New UK Boost for Arab Businesses

31st October 2013
in Banking & Finance, Industry & Trade
New UK Boost for Arab Businesses
Share on FacebookShare on Twitter

Businesses across the Middle East and North Africa will get a £4.5 million boost from the UK, Prime Minister David Cameron announced at the World Islamic Economic Forum on Tuesday.

The UK’s funding to the Nomou business fund will be matched by the Shell Foundation to support ‘missing middle’ businesses - those too large for microfinance but too small for traditional bank loans.

The fund will provide business support to more than 600 medium sized businesses and create more than 15,000 jobs, focusing on Jordan and Egypt where unemployment remains a huge problem.

Thousands of women across the Middle East and North Africa will also get help in growing their businesses and finding employment under a separate joint initiative from the UK and the Islamic Development Bank.

The UK will provide £6 million in new funding on top of an existing £4 million commitment to the Arab Women’s Enterprise Fund, which will be matched by the Islamic Development Bank.

Minister of State for International Development Alan Duncan said:

"Jobs and growth are critical to the stability of the Middle East and North Africa. We are pleased to be working with the Shell Foundation to create thousands of jobs that will contribute towards the stable economic environment needed for growth and prosperity in the region.

"Women are the engine of growth and it is not possible for a country to develop without investing in women. We are delighted to be working with the Islamic Development Bank to design and implement exciting projects that will strengthen women’s economic contribution to the Middle East and North Africa."

The new support for the Arab Women’s Enterprise Fund is aimed at improving the competitiveness of women entrepreneurs in the Arab world, which currently has the lowest rates of female participation in the global labour force.

The initiative focuses on poor and vulnerable women in Jordan, Egypt and Libya, where current crises are particularly affecting their incomes. It will also aim to reach women and girls in difficult to access rural areas right across the region.

(Source: UK FCO)

Tags: Arab Women’s Enterprise FundIslamic Development BankNomouShell FoundationUnited KingdomWorld Islamic Economic Forum (WIEF)

Latest News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021
Latest Oil Tenders

Latest Oil Tenders

16th March 2021

Recent News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021

Categories

  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos

Menu

  • Home
  • About Us
  • Contact

Join our mailing list!

Sign-up to receive email updates on the latest news and developments.





© 2021 Libya Business News - Your Libyan business news partner

No Result
View All Result
  • Security
  • Oil & Gas
  • Banking & Finance
  • Politics
  • Industry & Trade
  • Construction & Engineering
  • Investment
  • Tenders
  • Transportation
  • Videos
  • Contact Us

© 2021 Libya Business News - Your Libyan business news partner

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I Agree”, you consent to the use of ALL the cookies.