Minister of Social Solidarity Ghada Waly announced, in a press statement on 2 June, that the first phase of the Mastoura loan project financed 6,483 projects, worth more than EGP 97.5m.
She continued that Nasser Social Bank received EGP 100m from Tahya Misr Fund, representing the second phase of Mastoura.
The Mastoura project was launched by President Abdel Fattah Al-Sisi last year, corresponding with his declaration of 2017 “the year of Egyptian women,” with total funds of EGP 250m.
The minister added that the Mastoura project is providing microfinancing to Egyptian women and also providing them with more opportunities for economic empowerment, as well as a greater capacity to create income sources to raise their families’ standard of living, and to enable them to contribute more effectively to society.
Waly continued that the projects varied between commercial, industrial, and service projects.
“The amount of the loan for Mastoura ranges from EGP 4,000-20,000, for women who are able to work but have no fixed income, and the loan is granted as a project and not in cash,” she asserted.