(MENAFN- Daily News Egypt) Manal Awad, Egypt's Minister of Local Development, received a comprehensive report on the achievements of the national community development project,“Mashroak,” from its inception until July. The project has facilitated the execution of over 212,000 youth-led initiatives, supported by loans totalling approximately EGP 29bn. These endeavours have generated more than 1.439 million job opportunities across all governorates.
Aligned with President Abdel Fattah Al-Sisi's directives, the initiative aims to bolster small and medium enterprises (SMEs) nationwide, fostering economic growth and employment opportunities.
Minister Awad emphasized that expanding SME implementation and financing across all governorates through“Mashroak” remains a top priority for the ministry. The project collaborates with several banks, including Banque Misr, the National Bank of Egypt, the Agriculture Bank of Egypt, Banque du Caire, Alexandria Bank, and the Housing and Development Bank. Its multifaceted approach includes feasibility studies, addressing unemployment, and supporting youth entrepreneurship.
The ministry is committed to providing essential support for the program, ensuring accessible loans for young entrepreneurs. By overcoming obstacles faced by loan applicants, this effort contributes to real job creation and increased income for both men and women.
The report highlighted Minya's leadership in Upper Egypt, with over 23,400 projects financed by loans totalling around EGP 3bn, resulting in 158,000 job opportunities. Sohag follows closely, with 22,700 projects funded by loans exceeding EGP 3.4 billion, creating over 154,600 job opportunities. Beheira ranks third, with 19,000 projects financed by loans amounting to EGP 1.7bn, generating more than 102,000 job opportunities.
Additionally, the“Mashroak” units in the governorates-totalling 260 offices-provide essential resources and streamlined processes for loan applicants implementing small and medium projects. Technical and administrative training equips beneficiaries to maximize project benefits, including feasibility studies and temporary licenses.
Minister Awad encourages governors to intensify awareness campaigns among youth, promoting an entrepreneurial culture and contributing to reduced unemployment rates and enhanced economic development across the governorates.
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