Local Development Ministry To Increase Funding Through 'Mashrou'ak' To EGP 4Bn In 2025

2025-01-02 12:21:15

(MENAFN- Daily News Egypt) The Ministry of Local Development plans to increase funding for the National Project for Human and Community Development,“Mashrou'ak” (Your Project), to EGP 4bn in 2025. The programme aims to finance 3,000 projects and generate 70,000 jobs. In addition, Mashrou'ak is set to collaborate with the Ayady Misr platform to market handmade and artisanal products to its customers.

In 2024, the Ministry of Local Development focused on creating employment opportunities for young men, women, and female breadwinners across Egypt's governorates. It also provided financial and technical support to small, micro, and medium-sized enterprises (SMEs) through the“Your Project” initiative, in partnership with six banks: National Bank of Egypt (NBE), Agricultural Bank of Egypt (ABE), Banque du Caire, Housing and Development Bank (HDB), and Alexbank. These collaborations helped overcome administrative and financial challenges that often hinder the establishment of projects, driving sustainable economic, social, and local development.

Manal Awad, Minister of Local Development, emphasized the national significance of the Mashrou'ak initiative in combating poverty, reducing unemployment, transforming villages from consumers to producers, and integrating the informal economy into the formal sector.

In 2024, the total value of loans provided to beneficiaries of Mashrou'ak reached EGP 3.846bn, financing 2,200 projects and creating 65,000 jobs. Sohag led the way with the highest financing volume of EGP 856m, followed by Assiut with EGP 418m, and Minya with EGP 411m. Additionally, the Ministry's Local Development Fund financed 1,250 projects in 2024, with a total investment of EGP 49m across various governorates, generating 1,250 new jobs.

Looking ahead, the Ministry aims to further expand the programme's impact in 2025, significantly increasing its reach and contribution to Egypt's economic development.

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