Egypt aims to finance 30,000 SMEs in five years, minister

Egypt is set to inject 200 million Egyptian pounds ($12.75 million) to finance 30,000 micro- and small-sized enterprises (SMEs) through loans from the Local Development Fund, its minister of local development said on Sunday.

These enterprises will create jobs for the youth and female breadwinners, Minister Mahmoud Shaarawy, added.

In addition, the ministry is considering slashing the interest rates on loans provided to female breadwinners in the rural areas covered by Haya Karima Initiative to 4 percent  from 6 percent  as well as providing 5 percent-interest loans to drip irrigation projects.