‘Mashrou’ak’ initiative provides $1.29bln loans to 197,500 projects: Egypt’s minister

‘Mashrou’ak’ initiative provides $1.29bln loans to 197,500 projects: Egypt’s minister

Egypt - Hisham Amna, Minister of Local Development, stressed the ministry’s constant endeavor to encourage a culture of self-employment and entrepreneurship among youth and women.

The national programme for community, human, and local development “Mashrou’ak” (Your Project) has implemented 197,575 micro, small and medium enterprises (MSMEs) nationwide, with loans approaching EGP 24.5bn, and provided 1.7 million jobs.

This comes in light of the implementation of the mandates of the political leadership to encourage self-employment, through SMEs, and in implementation of the vision of the Ministry of Local Development to support economic development in the governorates as one of the objectives of Egypt’s 2030 strategy.

Amna directed the executive bodies in the governorates to continuously improve the business environment that supports MSMEs, and encourage entrepreneurs, to enhance and continuity of opportunities for growth, success and competitiveness for all projects and provide facilities and full support to their owners. He shed light on the facilitation committees that were formed at the level of all governorates headed by the secretaries-general to solve any administrative problems, and follow up the implementation of projects, their future development plans, and marketing mechanisms for their products with the aim of supporting the projects’ capacity and bringing about community development in