Minister of Local Development Hisham Amna said Saturday that he agreed with the banks participating in the national programme “Mashrouak” (Your Project) to increase their loan offerings, provide non-traditional financing services, and form joint marketing task forces.
The banks were Banque Misr, the National Bank of Egypt (NBE), Banque du Caire, Bank of Alexandria, Housing and Development Bank (HDB), and Agricultural Bank of Egypt (ABE)
The Ministry also agreed with the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) to provide the necessary technical support to project owners, train employees and workers in “Mashrouak” and develop their skills. The Ministry arranged with the Industrial Development Authority to facilitate issuing licences and industrial records.
According to Amna, since its inception until July 2023, the “Mashrouak” programme has implemented about 206,200 projects nationwide with EGP 26.8bn worth of loans, providing about 1.6 million jobs.
The programme is a step within the framework of the Central Bank’s initiative to encourage small, medium and micro enterprises, and provide loans at a 5% interest rate.
Amna said that the region of the governorates of Upper Egypt ranks first since the start of “Mashrouak” until last July, as about 104,000 projects were financed with a total of EGP 14bn in loans, providing 996,500 jobs, directing the Programme’s team to facilitate procedures for the people of Upper Egypt in terms of obtaining financing to start their projects and provide job opportunities. It would also help them obtain licenses to establish craft complexes and licenses to operate commercial stores.
The Delta region ranked second in terms of the number of projects financed by this Programme, as 44,300 projects were implemented, with loans exceeding EGP 5.6bn, which generated 310,600 job opportunities.
The Minister highlighted his Ministry’s constant endeavor to encourage a culture of self-employment and entrepreneurship among youth and women, in coordination with all concerned parties, and encourage the implementation of medium, small and micro enterprises through “Mashrouak”.
The Minister of Local Development also directed the executive bodies in the governorates to continuously improve the business environment that supports small, medium and micro enterprises and to encourage entrepreneurs and enhance the continuity and growth of these projects.
He added that small, medium and micro enterprises are a strategic goal adopted by the ministry because of their vital role in the economic development of cities, especially where “Decent Life” initiative is implemented.