Egypt’s Endowments Ministry allocates EGP50m in interest-free loans

Egypt’s Ministry of Endowments (Awqaf) has announced the allocation of 50 million Egyptian pound in interest-free loans from its self-generated resources, marking the first time in the ministry’s history such an initiative has been introduced without interest or administrative fees.

The loan programme, designed to benefit ministry employees and those working in regional directorates, the General Authority, affiliated areas, the Supreme Council for Islamic Affairs, and the Preachers’ Hospital, and will also extend to workers within the state administrative apparatus.

All loans are to be repaid without any additional fees or interest with only the principal amount to be repaid under a regulated, rotating system.

Additionally, the ministry has raised the value of the interest-free loans to 25,000 Egyptian pound for individuals with disabilities, as well as those suffering from chronic diseases such as cancer, kidney failure, and heart disease.

Furthermore, the programme is set to provide support to newlyweds or parents arranging the marriages of their children. This initiative underscores the ministry’s ongoing efforts to fulfill its social mission and deliver meaningful assistance to Egypt’s citizens.

Attribution: Egyptian Cabinet

Subediting: M. S. Salama