ICEC

Builders of Egypt: banks inject $127mn for SMEs among Egypt’s Mashrouak initiative

The banks in Egypt have injected around one billion Egyptian pounds ($127mn) among Mashrouak (your project) Initiative, said Ahmed Zaki Badr, the minister of local development Tuesday.

Mashrouak Initiative was launched by Ministry of Local Development, acting in cooperation with Banque Misr, the National Bank, and the Principal Bank for Agricultural Development and Credit, in March 2015 to provide job opportunities for youth in the field of Small and Medium-Sized Enterprises SMEs.

The minister made those comments during his speech in the Annual Builders of Egypt Forum. He added that the banks’ funds have contributed with providing for 20.000 projects stressing that 99 % of recipients have paid off the granted loans.

Under the auspices of Egyptian President Abdel Fattah al-Sisi, the second edition of the Annual Builders of Egypt Forum took place on 1-2 March 2016 in The Nile Ritz-Carlton.

Badr added that the ministry has facilitated the procedures regarding the establishment of these project in different governorates.

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