Five banks finance over 210,000 projects with $898.8mln under ‘Mashrou’ak’ initiative

Five banks finance over 210,000 projects with $898.8mln under ‘Mashrou’ak’ initiative

Five banks have provided EGP 27.8bn in financing to over 210,000 micro, small, and medium enterprises (MSMEs) under the National Project for Community, Human and Local Development, known as “Mashrou’ak”, since its launch until January 2024. This has created over 1.7 million job opportunities in all governorates.

The banks involved are NBE, Banque Misr, Banque du Caire, the Housing and Development Bank (HDB), and the Agricultural Bank of Egypt (ABE).

The Ministry of Local Development, which oversees the program, announced that it plans to inject another EGP 4bn to support more MSMEs this year.

The program offers financing for the purchase of machinery, equipment, raw materials, and operating expenses. It covers livestock projects, as well as professions and self-employed activities. It also finances the purchase of cars, subject to the conditions specified by each bank.

The minimum financing amount is EGP 25,000, with no maximum limit, depending on the results of the credit study. The repayment period is up to five years, with an interest rate of up to 5%.

To apply for the program, an applicant must apply to the project unit, including the project idea, a feasibility study, the number of workers, and the initial cost. The documents are then reviewed, and the