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

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;

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