NBE pumps 1.8 bln pounds in Egypt’s micro-sized project initiative

National Bank of Egypt (NBE), the country’s largest state bank, has funded 5.5 thousand client as part of “Mashroak” initiative with 1.841 billion Egyptian pounds since its inception till June 2018.

Mashroak “Your Project “initiative aimed at achieving community development and offering opportunities in governorates, centers, villages and hamlets in order to create jobs opportunities.

Five Egyptian state-run banks have approved a financing worth 3.09 billion Egyptian pounds ($172.8 million) for 66,031 clients as part of the government-led initiative Mashroak to support micro-sized projects.

The five banks are Banque Misr, the National Bank of Egypt (NBE), Banque Du Caire, Housing and Development Bank (HDB), and the Egyptian Agricultural Bank (EAB).

The initiative is launched by the Egyptian Ministry of Local Development, aiming to combat unemployment by supporting youth-led small projects through providing loans, financial assistance, and equipment, as well as conducting feasibility studies, and following up production phase.

The initiative covers the country’s entire governorates. The first phase involves governorates in the Upper Egypt, at value of 3 billion pounds in forms of loans, granting a maximum of 2 million pounds for each project owner