Cairo – Mubasher: The Egyptian Ministry of Local Development plans to establish 30,000 micro- and small-sized enterprises through the Local Development Fund with loans worth EGP 200 million.
These enterprises will create jobs for the youth and female breadwinners, the Minister of Local Development, Mahmoud Shaarawy, said in a statement on Sunday.
In addition, the ministry is considering slashing the interest rates on loans provided to female breadwinners in the rural areas covered by Haya Karima initiative to 4% from 6% as well as providing 5%-interest loans to drip irrigation projects.
From September 2019 until the end of last February, the Local Development Fund financed 5,449 projects in 23 governorates at a cost of EGP 57.8 million, including EGP 48 million provided by the fund and EGP 9.8 million provided by the borrowers.
Female breadwinners accounted for 68.6% of the owners of projects financed by the fund during the 18-month period.
