(MENAFN- Daily News Egypt) The“Mashroak” national project for community, human, and local development has provided loans worth EGP 29.3bn, to 213,500 projects, since its launch in 2015 until September 2024, according to Manal Awad, Minister of Local Development. These projects generated over 1.444 million job opportunities across all governorates.
Awad pointed out that Minya ranked first in the total number of projects implemented since the initiative began, with 23,500 projects at a cost exceeding EGP 3bn, providing more than 159,200 jobs. It is followed by Sohag with 23,000 projects funded by EGP 3.6bn, generating 156,700 jobs. Beheira comes next with 19,000 projects at EGP 1.7bn, providing 102,300 job opportunities. Dakahleya saw 17,200 projects with loans exceeding EGP 2bn, generating more than 106,000 jobs, while Sharqeya executed 16,800 projects with loans of approximately EGP 2.7bn, creating 133,700 jobs.
The minister emphasized President Abdel Fattah Al-Sisi's interest in the small, medium, and micro enterprises (SMEs) sector. His constant directives to all state agencies aim to facilitate coordination and overcome challenges faced by young entrepreneurs by providing necessary services and support to advance this sector and achieve comprehensive economic and social development.
Awad noted that the ministry particularly focused on youth-led small projects due to their dynamic nature and potential as an economic powerhouse. The goal is to leverage this energy for overall development across various sectors, ensuring success, progress, and economic prosperity.
She highlighted that SMEs are notable for their ability to employ large numbers of workers, offer on-the-job training to enhance skills and present lower risk compared to larger projects. Additionally, these enterprises improve productivity, generate income, and contribute to economic growth. The ministry is keen on training staff at“Mashroak” offices across governorates through the Local Development Training Center in Saqqara on financial basics for small and micro project financing, the advantages of each bank's funding schemes, and the fundamental concepts of SMEs.
Awad explained that the current work plan aims to increase the financing and execution of tangible projects that benefit local communities in the governorates.“Mashroak” also focused on enhancing skills in SMEs, supporting innovation, and empowering projects to turn environmental challenges into real job opportunities, encouraging citizens to embrace entrepreneurship and expand new small business ventures. She called on“Mashroak” officials to introduce innovative project ideas that require minimal capital investment, which could help young people start their businesses.
Furthermore, Awad directed the program's officials to intensify awareness campaigns, particularly in villages, to promote the importance of self-employment and production, provide attractive mechanisms for youth, and offer feasibility studies for various projects. She also encouraged officials to support genuine initiatives that maximize the benefits of the project and incentivize youth towards entrepreneurship by simplifying loan procedures and offering technical and administrative training.
The minister concluded by emphasizing the importance of drawing from the successful experiences achieved by the program across governorates, with particular focus on underprivileged areas and Upper Egypt, as part of the ongoing effort to support SMEs and drive development nationwide.
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