By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Madbouly discusses ways to boost metallurgical industries 
    Madbouly discusses ways to boost metallurgical industries 
    September 25, 2023
    FRA to launch futures contracts trading in derivatives market
    FRA to launch futures contracts trading in derivatives market
    September 25, 2023
    We work with Tax Authority to control prices, support consumers: Philip Morris Misr
    We work with Tax Authority to control prices, support consumers: Philip Morris Misr
    September 25, 2023
    Mahmoud Mohieldin says global finance reform needed for just green transitions
    Arab region has great opportunities to harness digitalisation, AI in making progress in implementing climate action: Mahmoud Mohieldin
    September 24, 2023
    FRA to launch voluntary carbon market with 6 local projects
    FRA to launch voluntary carbon market with 6 local projects
    September 24, 2023
  • Politics
    PoliticsShow More
    Defence Minister meets NATO Military Committee chief
    Defence Minister meets NATO Military Committee chief
    September 25, 2023
    Egypt, Jordan, and Iraq discuss economic, political cooperation in New York
    Egypt, Jordan, and Iraq discuss economic, political cooperation in New York
    September 24, 2023
    Al-Sisi highlights opportunities for mutual benefit with China
    Al-Sisi highlights opportunities for mutual benefit with China
    September 24, 2023
    Egypt, India affirm their strategic partnership, discuss regional issues
    Egypt, India affirm their strategic partnership, discuss regional issues
    September 24, 2023
    Pope Francis denounces ‘invasion’ rhetoric on migrants
    Pope Francis denounces ‘invasion’ rhetoric on migrants
    September 24, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Several banks to increase their loan offerings, provide non-traditional financing: Local Development Minister
Share
Notification
Latest News
Madbouly discusses ways to boost metallurgical industries 
Madbouly discusses ways to boost metallurgical industries 
Business
FRA to launch futures contracts trading in derivatives market
FRA to launch futures contracts trading in derivatives market
Business
Defence Minister meets NATO Military Committee chief
Defence Minister meets NATO Military Committee chief
Egypt Politics
We work with Tax Authority to control prices, support consumers: Philip Morris Misr
We work with Tax Authority to control prices, support consumers: Philip Morris Misr
Business
Mahmoud Mohieldin says global finance reform needed for just green transitions
Arab region has great opportunities to harness digitalisation, AI in making progress in implementing climate action: Mahmoud Mohieldin
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Several banks to increase their loan offerings, provide non-traditional financing: Local Development Minister
Business

Several banks to increase their loan offerings, provide non-traditional financing: Local Development Minister

Daily News Egypt
Last updated: 2023/08/06 at 1:50 AM
By Daily News Egypt 3 Min Read
Share
Several banks to increase their loan offerings, provide non-traditional financing: Local Development Minister
SHARE

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. 

You Might Also Like

Madbouly discusses ways to boost metallurgical industries 

FRA to launch futures contracts trading in derivatives market

We work with Tax Authority to control prices, support consumers: Philip Morris Misr

Arab region has great opportunities to harness digitalisation, AI in making progress in implementing climate action: Mahmoud Mohieldin

FRA to launch voluntary carbon market with 6 local projects

TAGGED: banks, Loan
Share this Article
Facebook Twitter Email Print
Previous Article CBE expects inflation to peak in 2H 2023 CBE expects inflation to peak in 2H 2023
Next Article Suez Canal boat crash leaves 1 dead, 6 rescued Suez Canal boat crash leaves 1 dead, 6 rescued
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Madbouly discusses ways to boost metallurgical industries 
Madbouly discusses ways to boost metallurgical industries 
Business
FRA to launch futures contracts trading in derivatives market
FRA to launch futures contracts trading in derivatives market
Business
Defence Minister meets NATO Military Committee chief
Defence Minister meets NATO Military Committee chief
Egypt Politics
We work with Tax Authority to control prices, support consumers: Philip Morris Misr
We work with Tax Authority to control prices, support consumers: Philip Morris Misr
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?