Minister of Social Solidarity Nevine El-Kabbaj announced the launch of the first phase of a program to support irregular employment. Three NGOs will work in partnership with the program to provide loans worth EGP 160m to 10,000 small and micro enterprises.
The Rural and Environmental Industries Support and Rural Revival Fund, which is affiliated with the Ministry of Social Solidarity, will fund the loans. The Fund is a non-profit public body with a legal personality, established by Law No. 167 of 1956 and amended by Republican Decree No. 1075 of 1964.
El-Kabbaj, who is the Chairperson of the Fund, stated that three cooperation protocols have been signed with the participating NGOs.
These NGOs are licensed by the Financial Regulatory Authority (FRA) to lend money to individuals. The program will offer low-interest rates to 11,300 beneficiaries in Giza, Beheira, Fayoum, Sohag, Assiut, and Qena. The participating NGOs are the Association for the Development of Small Projects in Fayoum, the Association of Businessmen Club in Nagaa Hammadi, and the Association for the Improvement of the Status of Women and Children.
El-Kabbaj emphasized that the Fund aims to enhance the economic and living standards of vulnerable families in rural areas. It also aims to support rural and environmental industries, handicrafts, and heritage.
The Fund will achieve these goals by establishing and managing activities that promote the development of societies. This aligns with the directives of the political leadership, including several presidential initiatives such as “Bir Aman” to support small-scale fishermen, “Tetlaf fe harir” (creative hands) to support small makers in the carpet and hand-knit sector, “Aslaha Masry” (Made in Egypt) in the field of decoration, and “Tare’ak Aman” (You’re on a safe road) for delivery captains and other irregular employment groups.
The Fund also aims to form partnerships with regional and international development agencies. By doing so, it can learn from global expertise in supporting local industries.
Additionally, it will assist with marketing handicrafts and heritage products created within the framework of the initiatives mentioned above. This will be done through local and international exhibitions and bazaars, as well as by providing technical training for individuals and institutions working to develop rural, environmental, and domestic industries..
