5 Egyptian public banks approve new funding for micro-sized project initiative

Big 5

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).

A banking source with knowledge told Amwal Al Ghad on Thursday that the financing would be distributed as;

Bank’s Name

Amount of Financing in EGP

Number of Beneficiaries (Clients)

Banque Misr

1.363 billion pounds

38,196

National Bank of Egypt

823.905 million pounds

3,231

Egyptian Agricultural Bank

802.560 million pounds

13,214

Banque Du Caire

98.066 million pounds

11,382

Housing and Development Bank

1.780 million

8

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.

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

Comments
Loading...