Minister of Local Development Mahmoud Shaarawy
These 20,000 projects have helped create 153,000 job opportunities nationwide, Shaarawy said in a ministry statement.
In the light of directives from political leaders to encourage young people to set up micro, small and medium-sized enterprises (MSMEs) to accelerate development and reduce the problem of unemployment, “Your Project” was launched by the Ministry of Local Development in 2015, according to Shaarawy.
The ministry said that this project works with the Central Bank of Egypt to finance projects with interest rates not exceeding 5%.
The main objective of the next phase of “Your Project” is focused on the quality of the projects and services provided, the minister said.
The Ministry of Local Development is keen to support MSMEs because of their pivotal role in the development and advancement of production in various fields, as well as their role in the implementation of Egypt’s Vision 2030, he added.
The largest number of projects was implemented in Minya Governorate in Upper Egypt, with 2,500 projects. The governorate with the second highest number of projects is Sohag with 2,119 projects, followed by Daqahliya with 2,050 projects.
“Your Project” is not just limited to project funding, but helps overcome implementation barriers by providing a one-stop system for receiving and responding to applications, reducing the documentation required for loan applicants , facilitating financing procedures and simplifying bank approval. treat.
The Minister concluded that around 260 seats for “Your Project” have been established in all the governorates of the country.
In April, Shaarawy said the total number of projects implemented by “Your Project” had exceeded 190,000 with loans of EGP22.6 billion, noting that these projects had provided more than EGP1.4 million. job opportunities.
Also in April, Finance Minister Mohamed Maait said that around 73% of all government contracts had been signed with micro and small businesses over the past 41 months, reflecting the importance the state attaches to their support.
Maait explained that these efforts to support MSMEs fall under Law 188/2020, which governs the fiscal and non-fiscal incentives the government can provide to these key businesses.
In Egypt, the total capital of small and medium enterprises reached EGP 77.1 billion in 2020 in about 1.7 million institutions, according to the latest data released by the Central Agency for Public Mobilization and Statistics ( CAPMAS).
In addition, the country has registered 3.6 million MSMEs so far, with 9.7 million employees receiving salaries estimated at EGP 119.2 billion.