Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

In 7 Years, Government Multiplied Financing of Small Projects in Upper Egypt Five-fold

Sat 15 Jan 2022 | 07:24 PM
Ahmed Moamar

The Small, Medium, and Micro Enterprise Development Agency is continuing its efforts to increase the financing provided to the governorates of Upper Egypt.

This increasing funding came within the framework of the government's vision to support young people to launch special projects with the aim of expanding employment operations based on small projects.

During the past seven years, financing for small projects in Upper Egypt increased by 44% over the period from July 1, 2014, to May 31, 2021.

The government invested EGP 32.3 billion in those ambitious projects, according to a report issued by the Enterprise Development Authority entitled "7 Years of Stability and Development," which the Enterprise Development Authority revealed earlier.

The report revealed the doubling of the amount of funding disbursed since President Abdel Fattah El-Sisi assumed responsibility, as the agency made available EGP 32.3 billion in loans to small and micro-projects, equivalent to five times the rates achieved annually before the president took charge.

The report indicated that 1.4 million small and micro projects were funded, providing more than 2 million job opportunities and injecting funding of EGP 2.5 billion to implement infrastructure projects, community development, and training, which provided about 30.4 million daily jobs for irregular workers in all governorates.

The report indicated that the agency provided grants during the same period amounting to EGP 2.5 billion for infrastructure projects and community development, from which all governorates benefited, especially Upper Egypt and rural areas, and included the development of many slums.