Financing 351 small and micro projects in 14 governorates with loans of 3 million pounds

Egyptian reports

The Local Development Fund [LDF] approved the financing of 351 new small and micro projects in 14 governorates with loans amounting to 3 million pounds, bringing the total loans lent to the beneficiaries to 25 million pounds since the beginning of the current fiscal year.

Additional funding was provided to the Local Development Fund to finance micro and small projects amounting to LE 5 million after the Fund had exhausted the loans made during the current fiscal year amounting to LE 15 million in only six months. The first additional funding made available from the Fund's resources And it is approved to provide additional funding of 5 million pounds to provide more employment opportunities for young people and women in villages.

Since the beginning of the fiscal year, the Fund has approved the lending of 3251 projects. The percentage of projects carried out by women reached 66% of the total projects. Minya governorate ranked first in the number of executed projects with 593 projects followed by Dakahlia governorate with 561 projects.

This comes amidst the need to simplify the procedures for those wishing to set up small projects, considering these kinds of projects as one of the main pillars of economic development, promoting economic growth, facing unemployment and creating job opportunities for youth and women.

The Local Development Fund shall prepare the feasibility study of the project without incurring the burden of the loan applicant and agree to accept lending according to several considerations, the most important of which is the low cost of investment for one job opportunity and achieving the goal of integration with other development projects in the local area and short repayment period of the loan and taking into account the preservation of the environment and the use of local raw materials And the environment available at the local level.

.