“Egypt’s “National Project for Community, Human, and Local Development” (Mashrouak) has achieved a record lending rate of EGP 200 million in January 2024.”, Local Development Minister ,Hisham Amna, said . Launched in 2015, Mashrouak aims to support the green economy by providing loans to young entrepreneurs for the establishment of eco-friendly SMEs. Mashrouak contributed to establishing 210,700 projects with a total loan value of EGP 28 billion. These projects have resulted in the creation of over 1.7 million jobs nationwide, as highlighted by Minister Amna.
Operating through 260 headquarters across 27 governorates, Mashrouak offers various services to applicants, with a key focus on issuing temporary licenses and approvals. Its establishment in 2015 aligns with political directives aimed at promoting youth engagement in micro, small, and medium-sized enterprises (MSMEs), expediting development, and generating employment opportunities. Amna emphasized that individuals aspiring to establish MSMEs should visit their nearest local unit to submit a loan application, and providing a comprehensive feasibility study.
Loan amounts are determined based on a thorough review of the submitted documents and project feasibility. Applicants are promptly notified of approval or rejection, and successful applicants receive their loans within two weeks of completing the necessary paperwork.
