Egypt’s second biggest bank, state-owned Banque Misr has pumped one billion Egyptian pounds ($54.7 million) in finances serving around 31,000 beneficiaries of the government-led initiative to support micro-sized projects, Mashroak, an official in the bank said Sunday.
Mashroak (Your Project) is an initiative 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.
Major banks are participating in the initiative; the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, Housing and Development Bank (HDB), and the Egyptian Agricultural Bank.
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.
Mashroak has financed so far 49,147 projects across the country, at value of 2,030 billion pounds.