Egypt’s Mashro’ak provides $913.2mln in finances to 150,000 SMEs since its founding

The funding has helped provide 826,000 job opportunities for young people involved with these projects

  
A general view shows Tahrir Square, after its renovation, following the outbreak of the coronavirus disease (COVID-19), in Cairo, Egypt July 13, 2020. Image used for illustrative purpose.

A general view shows Tahrir Square, after its renovation, following the outbreak of the coronavirus disease (COVID-19), in Cairo, Egypt July 13, 2020. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany

The National Project for Community, Human and Local Development (Mashro’ak) has contributed EGP 14.634bn to the implementation of over 150,000 small- and medium-sized enterprises (SMEs) in Egypt, according to Minister of Local Development Mahmoud Shaarawi.

The funding, which was provided between the project’s inception until the end of July, has helped provide 826,000 job opportunities for young people involved with these projects.

Shaarawi explained that Minya Governorate accounted for the bulk of these projects, with 17,700 projects set up across this government alone. These projects have been granted loans of over EGP 1.7bn and have created over 100,000 jobs.

Beheira Governorate followed, with 15,200 projects having been set up across the governorate. It received loans of EGP 1.049bn, with the projects creating 69,000 jobs.

Sohag followed in third after it received loans of EGP 1.5bn for 15,000 projects that created 81,000 jobs, followed by Daqahleya Governorate, which saw the implementation of over 12,500 projects providing 65,000 jobs with loans of EGP 1.7bn.

Shaarawi noted that 260 units across Egypt provide all the facilities applicants need to obtain loans to implement SMEs, and provide them with technical and administrative training.

The minister also pointed to the commitment of all governorates to postpone the payment of loans instalments for a period of six months and not to impose any delay commissions on postponed payments. This comes as part of the state and the Central Bank of Egypt (CBE) support for reducing the negative effects of the novel coronavirus (COVID-19).

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