Julia Elyachar describes the ultimate effect of the efforts

Julia Elyachar describes the ultimate effect of the efforts of the World Bank, Egyptian State, and other interests to financialize the informal economy of Cairo through their promotion of the market to be the dispossession of urban poor craftsmen and enterprising youth. Of what were the tradesmen and young entrepreneurs who participated in the Egyptian Social Fund programs in el-Hirafiyeen dispossessed, and how did this dispossession operate?

Solution

\'Egyptian social fund programs was initiated in 1991, it assisted small business and entrepreneurs in economic actvities and helped to reduce the level of poverty in Egypt. But it promoted informal economy.

But recent measures adopted by the world bank, and Egyptian state are leading to the formalisation of informal economy. these measures promote the market based economy system by introducing reforms and relaxation various restrictions imposed on large firms. But formalisation of sector may oust few existing firms from market by introducing intense competition.

Such measures have killed business of many small scale industries in Egypt. It may cause poverty and inequalities.