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Mashroak lends EGP 13.3B businesses; payment delayed

Mashroak lends EGP 13.3B businesses; payment delayed

ArabFinance: Egyptian Minister of Local Development Mohamed Shaarawy said that Mashroak initiative has succeeded in providing EGP 13.3 billion loans nationwide, according to an official statement.

In this regard, all debt payments will be postponed for six months until September.

Shaarawy noted that loan repayment will also be delayed for the lenders from the Local Development Fund (LDF). However, the postponement period will be for three months until June 30th.

This move comes in line with the state’s directives to facilitate for investors during the unstable economic condition from the COVID-19 outbreak.

In March, Mashroak has allocated loans of EGP 320 million to execute 2,023 different projects.

Until the moment, this initiative created more than 751,000 job opportunities after financing 141,634 projects in all governorates.

In Minya, about 17,000 projects were executed at a loan value surpassing EGP 1.5 billion.

Meanwhile, credit facilities worth EGP 1.23 billion were earmarked for 14,864 projects in Beheira.

In Sohag, the initiative helped in financing 14,558 projects at a total loan value of EGP 1.4 billion.

Loans worth EGP 1.49 billion were pledged for over 12,000 developments in Dakahlia.

About 11,000 projects benefited in Sharqia, with a total loan value of EGP 1.4 billion.

All businesses enrolled in Mashroak are granted a 5% interest.

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