EGP4.6 million Investments in 1036 Projects: Local Development Fund

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Egypt’s Local Development Fund agreed in a meeting on Tuesday to finance 1036 new projects with around EGP 4.6 million total investments, Local Development Minister Adel Labib said.

The minister further said in a statement, the new projects will be carried out in 21 governments, where they will cover poultry and animal production and its outlets.

According to Labib, Luxor is capturing the lion’s share of the fund’s allocated financing, where 182 projects will be implemented with EGP 729.000 total investments. Coming in the second position, 122 projects will be achieved in Sharqia governorate, with EGP 439.000 total investments.

In addition, Minya governorate ranked third with new projects at EGP 326.000 total investments. Coming in fourth position, Gharbia governorate will capture 98 projects with total investments worth EGP 294.000.

Sohag governorate ranked fifth, where 93 new projects will be implemented, with EGP 293.000 total investments.

Coming in the sixth position, Monufia will get 69 new projects with EGP 279.000 total investments.

Local Development Fund offers loans to implement small projects providing income and job opportunities in remote areas, the fund is also supporting rural women projects. The number of projects for breadwinner women in Egypt reached 425, representing 60% of the total number of projects the fund finances, Labib added.

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