Egypt government pumps $1.33bln into 180,000 SMEs: Local Development Ministry

Your Project is currently focused on enhancing and upgrading the administrative skills of employees across all governorates

  
An employee counts U.S dollar bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image used for illustrative purpose

An employee counts U.S dollar bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image used for illustrative purpose

REUTERS/Mohamed Abd El Ghany

Mahmoud Sharawy, Minister of Local Development, said that the national project for community, human and local development “Mashrouak” (Your Project) has contributed, since the start of FY 2021/2022, to the implementation of 3,500 projects, with funding of EGP 746m. These projects have contributed to generating about 42,000 jobs. The total projects implemented by “Your Project” so far are close to 180,000 with loans worth EGP 21bn, generating more than 1.5 million jobs.

Shaarawy said, in a statement today, Sunday, that the ministry’s interest in supporting MSMEs through (Your Project) is due to their pivotal role in developing and advancing production in various fields. It also pays great attention to them in implementation of the national strategy and Egypt’s Vision 2030, which aims to enhance the role of SMEs sector and entrepreneurship in achieving sustainable development in Egypt.

The Minister of Local Development explained that Minya governorate had the largest total number of projects implemented since the start of (Your Project) until now, with 21,000 projects, followed by Sohag with 19,000 projects, then Beheira with 18,000 projects, then Daqahleya and Sharqiya with 15,000 projects each, then Beni Suef with 14,000, then Assiut with 13,000 projects.

Shaarawy said that the ministry is working to implement a number of interventions in the targeted centers during the first phase of the Egyptian Rural Development Initiative, which contributes to creating job opportunities for citizens of the targeted villages. In addition, Your Project supports promising productive blocs in the governorates of Sohag, Qena, Assiut and Minya through the Local Development Program in Upper Egypt, as well as facilitating obtaining licenses for the establishment of craft complexes and licenses for shops, as well as enhancing the provision of job opportunities through construction projects, expanding the implementation of the “Your work Near Your Village” initiative, and developing rural markets.

He pointed out that Your Project is currently focused on enhancing and upgrading the administrative skills of employees across all governorates, supporting all forms of innovation, and enabling SMEs to transform environmental challenges into real job opportunities to serve small business owners and encourage citizens to engage in self-employment.

The Minister of Local Development added that (Your Project) is not limited to funding projects. It also contributes to overcoming obstacles through using the one-stop-shop system to receive and respond to applications, simplify papers and documents required for loan applicants, facilitate financing procedures and ease the decision-making process in the bank to approve or reject the funding in a short period, as well as issue an immediate temporary license for projects, and contribute to funding awareness and training campaigns for the beneficiaries of the projects.

Shaarawy noted that all governorates have been covered with 260 headquarters of Your Project, in all districts in the governorates. The lending methodology has been standardized by six national banks participating in your project with personal supervision by governors to overcome any obstacles.

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