(MENAFN- Daily News Egypt) Egypt's Minister of Local Development, Manal Awad, announced that the National Project for Community, Human, and Local Development, known as“Mashroak,” has financed over 219,000 projects with loans totaling EGP 29.8bn since its inception in 2015. These projects have collectively created more than 1.45 million job opportunities across the country's governorates.
Awad emphasized the vital role“Mashroak” plays in bolstering the small and medium enterprise (SME) sector, which is a cornerstone of employment generation and a key strategy for reducing unemployment nationwide. She reaffirmed the ministry's commitment to extending the project's benefits to as many citizens as possible, particularly those seeking financial support to establish sustainable and impactful businesses.
To maximize accessibility, significant efforts have been made to simplify loan approval processes and minimize bureaucratic hurdles. These streamlined procedures enable beneficiaries to quickly secure funding and implement projects, especially those focused on production and industry. Such initiatives align with Egypt's broader goals to enhance industrial output, increase foreign currency reserves, and boost the industrial sector's contribution to GDP.
The minister also highlighted standout achievements in various governorates:
Sohag led the way with approximately 24,000 projects, supported by investments of EGP 3.7bn, creating around 144,000 jobs.
Minya followed closely with 23,900 projects, investments totaling EGP 3.2bn, and 161,200 new jobs.
Beheira successfully implemented 19,200 projects with loans of EGP 1.7bn, generating over 104,400 job opportunities.
Dakahlia delivered 17,600 projects, backed by more than EGP 2.1bn in loans, resulting in nearly 106,900 jobs.
Awad reiterated her dedication to expanding the initiative's scope and fostering entrepreneurship in all governorates. This effort supports the government's broader vision of sustainable economic development and community empowerment, with“Mashroak” serving as a cornerstone for economic resilience and local prosperity.
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