The Ministry of Planning and Economic Development has unveiled a significant funding initiative aimed at supporting approximately 3,000 micro-projects.
The projects which fall under the national family development program, prioritize villages in the “Decent Life” initiative across 20 governorates.
The funding is set to expand opportunities for women-owned micro-projects in various productive, commercial, service, handcraft, and heritage sectors, particularly in border provinces, Upper Egypt, and rural areas throughout Egypt.
As part of the effort to boost economic growth and empower women entrepreneurs, a new financing agreement has been signed between the Small and Medium Enterprises Development Authority and the Agricultural Bank of Egypt, according to the “Egypt Today” website.
This agreement, falling under the “Egyptian Family Development – Bab Rizk” initiative, provides total funding of LE60 million. The funding is made possible through a partnership with the French Development Agency, which supports the financing of micro-projects for women.
According to the Ministry’s report, the collaboration between the Small and Medium Enterprises Development Authority and the Agricultural Bank of Egypt has already resulted in a total value of contracts reaching LE156 M. These funds have been utilized as revolving loans, supporting over 20,000 micro-projects, amounting to over LE160 M. The financing has been disbursed through the extensive network of the bank’s branches, covering the entire country.
