Mashroo’ak initiative implements 206,200 projects with EGP 27B in investments
Updated 8/3/2023 7:16:00 AM
Arab Finance: The National Program for Community, Human, and Local Development (Mashrou’ak) has executed 206,200 projects since its launch in 2015 until July, with total loans amounting to around EGP 26.8 billion, Minister of Local Development Hesham Amna stated on August 2nd.
The projects created 1.6 million job opportunities all over the country, the minister noted.
Amna declared that Upper Egypt governorates topped the country’s governorates in terms of the number of projects executed within the initiative, with 104,000 projects financed with EGP 14 billion. The projects provided more than 996,500 job opportunities.
Delta region came in second position with funds worth over EGP 5.6 billion for 44,300 projects, creating 310,600 job opportunities, he added.
The minister said that the country has coordinated with the participating banks to increase the lending rate, provide untraditional financing services, and form joint marketing work groups.
It also agreed with the with the Micro, Small and Medium Enterprises Development Agency (MSMEDA) to offer the needed technical support to business owners as well as train Mashrou’ak’s staff and improve their skills, he pointed out.
This is in addition to coordinating with the Industrial Development Authority (IDA) to issue the required licenses and industrial registers, he mentioned.
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