Mashrouak National Project to Lend Youth Hits Record EGP 200 Mln in January: MinisterSource: www.export-egypt.com 2/21/2024, Location: Africa |
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Egypt's national project to provide employment opportunities for youth, Mashrouak (meaning "your project”), achieved its highest lending rate since its launch in 2015, reaching EGP 200 million across 852 projects in January 2024.
The announcement was made by Minister of Local Development Hisham Amna . Mashrouak – operating under the official name of the “National Project for Community, Human, and Local Development” – encourages business projects that support the green economy by providing loans for youth to establish small and medium-sized environmentally friendly businesses. Since its launch until February 2024, Mashrouak has contributed to the implementation of 210,700 projects with loans totalling EGP 28 billion. These projects have generated more than 1.7 million jobs nationwide, Amna said. With 260 headquarters in 27 governorates, Mashrouak provides facilities to applicants, with the most important service being the issuance of temporary licences and approvals. Mashrouak was launched by the Ministry of Local Development in 2015 in line with political directives to promote youth engagement in micro, small, and medium-sized enterprises (MSMEs), expedite development, and create jobs. The minister emphasized that aspiring entrepreneurs looking to establish MSMEs should visit the nearest local unit to their residence to submit a loan application. In addition, they should provide a feasibility study of the project, along with details on the workforce and initial cost. Amna stated that the loan amount is determined following a review of the submitted documents and project feasibility. Applicants are informed of approval or rejection and receive the loan within two weeks of submitting the necessary paperwork. |
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