2K small enterprises founded in Egypt in September 2020 through 1 funding program

2K small enterprises founded in Egypt in September 2020 through 1 funding program

CAIRO – 4 November 2020: Minister of Local Development Mahmoud Shaarawy told press Wednesday that 2,000 enterprises - worth LE600 million and offering 26,000 job opportunities - were founded in September through the SME's funding program "Mashrouak" (Arabic for Your Project).

 

The program was launched in September 2019, and funded until present 156,000 enterprises across 16 governorates creating 890,000 job opportunities, the minister said.

 

Shaarawy pointed out that the program is part of the initiative of the Central Bank of Egypt (CBE) providing loans to SMEs at 5% interest rate.

 

Menya comes on top in number of enterprises with 18,500 projects worth LE1,9 billion, followed by Sohag with 16,000 projects worth LE1.8 billion. Then comes Beheira with