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Egypt to Increase Funding to Small and Micro Village Enterprises by EGP 7.7 Million

Egypt’s Ministry of Local Development announced on Monday that it has allocated an additional EGP 7.7 million (around $250,000) to fund 464 small and micro enterprises in villages across the country.

The projects are aimed at improving the standards of living for low-income families, increasing their income and reducing unemployment rates through offering loans with little to no interest.

According to a statement released by the ministry, this brings the total number of projects funded since the beginning of the current fiscal year, which started in July, to 1,722, with investments totalling EGP 29.4 million (over $950,000).

Minister of Local Development Hesham Amna noted that 68 percent of these projects are led by women breadwinners. The number of projects that are women-led jumps to more than 75 percent in the governorates of Port Said, Qalyioubia, Beheira, Ismailia and the Red Sea, and to 100 percent in Assiut.

As many as 1,131 projects (totalling EGP 18 million) have been carried out in the governorates of Upper Egypt, which includes Aswan, Minya and Sohag.

Aswan governorate leads with 395 projects (EGP 6.4 million), followed by Minya governorate with 392 projects (EGP 6.1 million) and Menoufia with 143 projects (EGP 3.3 million).

Additionally, the list includes Daqahliya with 109 projects (EGP 1.7 million), the New Valley with 96 projects (EGP 1.2 million), and Sohag with 78 projects (EGP 1.5 million).

Source : Ahram

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