Egypt:3 MOUs Inked to Fund Small Enterprises at 5% BenefitSource: www.export-egypt.com 4/5/2016, Location: Africa |
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 International Cooperation Minister Sahar Nassr witnessed the signing ceremony of three memoranda of understandings.
Two of the memos were between Social Fund for Development and New Valley governorate, while the third between Ard El Kheir Company (subsidiary of Misr El Kheir) and Saudi Arabia. Secretary-General of Fund for Development Soha Soliman said the signing of the memos comes as part of efforts to implement President Abdel Fattah El Sisi's initiative that aims to provide loans for youths to carry out small-sized projects at a diminishing 5 percent interest rate. The loans will be provided to youths aiming to establish enterprises in the neediest governorates, she added. The fund and the governorate are cooperating via the first memo to enhance living conditions of young farmers in reclamation areas of New Valley governorate. The second memo is expected to help finance some 450 small enterprises for young men in the governorate. The third memo, howeverr, will help establish and implement 100 small enterprises in restructure of livestock projects in Kharga area of New Valley governorate. |
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