Mashroo3k lends EGP 28bn to 210,700 projects since its launch

Daily News Egypt
6 Min Read

Hisham Amna, the Minister of Local Development, received a report Wednesday on the achievements of the national project Mashroo3k, since its launch until February. The report showed that Mashroo3k financed 210,700 projects with loans worth about EGP 28bn, creating more than 1.7 million jobs across all governorates.

Amna stressed that supporting small, micro, and medium-sized projects is vital for boosting the national economy. He said that small businesses are the engine and backbone of economic growth in many countries. He also said that micro and small projects, especially those run by women, are the main source of income for many families, with positive economic and social impacts.

The Minister of Local Development said that the ministry’s “Mashro’ak” initiative has been providing financial support for all kinds of new and existing small, micro, and medium-sized projects, whether they are industrial, commercial, service, or craft. He said that the initiative also helps small projects overcome any challenges and compete in local and global markets, by offering various financial products through its financing arm, Mashroo3k, at competitive rates to suit the needs of all customers.

Amna added that a new plan and vision have been developed for “Mashroo3k” for the next period, aiming to provide more loans and funding for the largest number of projects that apply for loans. He said that the initiative seeks to facilitate their approval, remove any obstacles, speed up the issuance of licenses, and create a favourable environment to encourage youth and women to join the programme, implement small and medium-sized projects in cooperation with several national banks, create job opportunities, solve unemployment problems, provide attractive incentives, conduct feasibility studies for all projects, and launch serious initiatives to benefit from the project and motivate youth to start their businesses.

The Minister of Local Development stated that Mashroo3k achieved its highest lending rate since its launch in 2015, reaching about EGP 200m for 852 projects in January 2024. He praised the great efforts of the Mashroo3k team at the ministry and their constant follow-up with the directors of Mashroo3k offices in the governorates. He also praised the good cooperation and coordination with the national banks that partner with the ministry in this initiative, which have been expanding their plans and programmes to support the small, micro, and medium-sized enterprises in the governorates in collaboration with the ministry. He also mentioned the promotion and visits to Mashroo3k offices to meet with the staff and the youth who are interested in getting funding for various activities and projects, providing them with financial and technical support and encouraging them to start their businesses, thus contributing to creating new job opportunities.

Amna pointed out that “Mashroo3k” has recently coordinated effectively with the “Hands of Egypt” platform, affiliated with the ministry, which has been supporting and marketing the handicrafts and heritage products that are produced by the projects funded by Mashroo3k in the governorates online. He said that this has enhanced and supported the marketing capabilities of these projects, increased their sales opportunities, facilitated their access to markets, and created job opportunities for youth and women, especially in light of the importance of e-marketing in the current period.

The Minister of Local Development ordered the staff of the local development training centre in Saqqara to keep training and improving the skills of the Mashroo3k units on the basics of bank financing for small and micro projects, the benefits of each bank, and the concepts of small, micro, and medium projects. He said that there are 260 Mashroo3k offices in all 27 governorates to make it easier for applicants, including giving temporary licences and approvals. He encouraged youth to go to the closest local unit to apply for the loan they wanted, with a feasibility study of the project, the number of workers, and the initial cost. The loan amount is decided after checking the papers and project feasibility, and the applicant is told if they are approved or rejected, getting the loan within two weeks of sending the documents.

Amna asked the managers of the Mashroo3k programme to increase awareness campaigns about the project, especially in villages, rural areas, and universities, to teach people about the importance of working for themselves and producing, give attractive incentives for youth, feasibility studies for all projects, and launch serious initiatives to help people benefit from the project and motivate youth entrepreneurship, make it easier for applicants to get loans, give technical and managerial training, emphasizing the importance of training and helping youth to start small projects, encourage entrepreneurship, and learn from the successful experiences of Mashroo3k in the governorates with a focus on the most needy areas and Upper Egypt governorates.

TAGGED:
Share This Article
Leave a comment