AFDB lends Egypt $40 mln to develop franchising

TUNIS (Reuters) - The African Development Bank (AfDB) lent Egypt $40 million to finance a programme to support the development of franchise businesses in the north African country, the bank said on Thursday.

"The programme seeks to promote franchising in Egypt as an effective business strategy for private sector development and SME growth," the Tunis-based bank said in a statement.

It said the programme would contribute to stronger economic growth and job creation.