Including HDB… Several Banks to Increase Loan Offerings

Local Media

The banks were Banque Misr, the National Bank of Egypt (NBE), Banque du Caire, the Bank of Alexandria, the Housing and Development Bank (HDB), and  the Agricultural Bank of Egypt (ABE).

The Ministry also agreed with the Micro, Small, and Medium Enterprise Development Agency (MSMEDA) to provide technical support to project owners, train employees and workers in “Mashrouak” and develop their skills. The Ministry arranged with the Industrial Development Authority to facilitate issuing licenses and industrial records, according to the “Dialy News” website.

According to Amna, since its inception until July 2023, the “Mashrouak” program has implemented about 206,200 projects nationwide with EGP 26.8bn worth of loans, providing approximately 1.6 million jobs. 

The program is a step within the framework of the Central Bank’s initiative to encourage small, medium, and micro enterprises and provide loans at a 5% interest rate.

Amna said that the region of the governorates of Upper Egypt ranks first since the start of “Mashrouak” until last July, as about 104,000 projects were financed with a total of EGP 14bn in loans, providing 996,500 jobs, directing the Programme’s team to facilitate procedures for the people of Upper Egypt in terms of obtaining financing to start their projects and provide job opportunities. It would also help them get licenses to establish craft complexes and permits to operate commercial stores.

The Delta region ranked second in the number of projects financed by this Programme, as 44,300 projects were implemented, with loans exceeding EGP 5.6bn, which generated 310,600 job opportunities.

The Minister highlighted his Ministry’s constant endeavor to encourage a culture of self-employment and entrepreneurship among youth and women in coordination with all concerned parties and to implement medium, small, and micro enterprises through “Mashrouak.”

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