Banks secure EGP 15.4bnmln to Mashroak initiative for 154K projects

Banks in Egypt financed 154 thousands small and medium-sized enterprises with 15.4 billion Egyptian pounds as part of The Egyptian National Program for Community, Human, and Local Development (Mashroak).

The projects succeed in creating more than 864,000 jobs during April, said Local Development Minister Mahmoud Shaarawy.

Mashroak has financed about 4,000 projects with more than 716 million pounds in August, Shaarawy added. These projects have created nearly 37,000 jobs, Shaarawy.

Governorates in Upper Egypt came in the first position with 79,000 projects financed with 6.7 billion pounds, followed by the Delta region with 34,000 projects financed with 4 billion pounds.

Mashroak comes under the framework of the Central Bank of Egypt’s (CBE) initiative to finance micro-, small-, and medium-sized enterprises (MSMEs) with loans at an interest rate of 5 percent.