Egypt, Jordan to get $500m loans

The Overseas Private Investment Corp (OPIC), an independent agency of the US government, secured $500 million in loans for small businesses in Egypt and Jordan.

OPIC agreed to guarantee loans by local banks to small and medium-sized enterprises, microfinance institutions, non-banking financial institutions and other approved borrowers for up to $250 million each for Egypt and Jordan, it said in a statement, carried by Bloomberg Monday.

The project is meant to spur growth, create jobs and support democratization in the Middle East and North Africa, it said.