Minister of Local Development Mahmoud Shaarawy said that ‘Mashrou’ak’ (‘Your Project’) — a national project for community, human, and local development — has contributed with loans amounting to EGP 2.218bn since July of FY 2021/22 to implement 12,400 projects.
These projects have generated about 123 jobs.
The minister said in a statement on Wednesday that the total number of projects implemented by Mashrou’ak so far has reached 190,000, with loans worth EGP 22.6bn, providing more than 1.4m jobs.
He explained that Minya got the lion’s share in the total number of projects implemented since the start of Mashrou’ak until now, with 22,000 projects and loans of EGP 2.6bn. He added that these projects provided 137,000 jobs.
Next on the list is Sohag, with 21,000 projects and loans of EGP 2.6bn, providing 124,000 jobs.
Beheira came third with 19,000 projects and loans of EGP 1.6bn, providing 93,000 jobs.
Daqahleya came next with 17,000 projects and loans of EGP 1.8bn, providing 93,000 jobs.
Finally, Sharqeya had 16,000 projects implemented with loans of EGP 2.4bn, providing 121,000 jobs.
Shaarawy stressed that through Mashrou’ak, the ministry is working to implement several interventions in the targeted districts during the first phase of the Decent Life Presidential Initiative, which is aiming to generate jobs for the citizens of the targeted villages.
Moreover, Mashrou’ak supports promising productive blocs in the governorates of Sohag, Qena, Assiut, and Minya through the Local Development Programme in Upper Egypt. It will also facilitate the obtainment of licenses to establish craft complexes and shops, promote job opportunities through construction projects, expand the implementation of the ‘Your Work in Your Village Initiative’, and develop rural markets.
He also highlighted the ministry’s keenness on supporting micro, small, and medium enterprises (MSMEs) through Mashrou’ak due to its pivotal role in developing and advancing production in various fields and implementing the national strategy and Egypt’s 2030 Vision.
Egypt’s 2030 Vision aims to enhance the important role of the MSME sector and entrepreneurship in achieving sustainable development in the country.
Shaarawy added that Mashrou’ak’s role is not limited to the funding of projects. It also contributes to eliminating obstacles to implementation through the use of one-stop-shops to receive and respond to requests. It also reduces the time needed for application procedures and the documents required for submission and simplifies the decision-making process in banks to issue a decision to approve financing.
He explained that all governorates are covered with 260 headquarters of Mashrou’ak — including all administrative centres in the governorates and the lending methodology of the six national banks participating in Mashrou’ak — and are personally supervised by governors to eliminate any obstacles.