Long live Egypt fund supports “Mestoura” loan project with LE100M

CAIRO – 2 June 2018: Nasser Social Bank has received LE 100 million from the Tahia Misr (Long Live Egypt) Fund to support “Mastoura” loan project, the Minister of Social Solidarity and Chairman of Nasser Social Bank Ghada Wali announced on Saturday.

The loan payment is the second phase of the “Mastoura” project which is launched by President Abdel Fatah al-Sisi last year on Egyptian Women year occasion.

The minister added that the “Mastoura” project is providing micro-finance to Egyptian women on the entire governorate, also giving more opportunities for economic empowerment and greater capacity to create income sources to raise the standard of living of their families and enable them to contribute more effectively to society.

Wali explained that the total of funding is worth about LE 250 million, in cooperation with the Tahia Misr Fund.

She also explained that the most important achievements in the first phase of the project was succeeding in financing 6,483 projects, worth more than LE 97.5 million such as commercial, industrial and service projects.

She also explained that Beni Suef governorate benefited most from the “Mastoura” loan, followed by al-Fayoum governorate.

Deputy Chairman of Nasser Social Bank Sharif Farouk added that the loan’s amount ranges from LE 4,000 to LE 20,000 for a woman who is able to work and has no other income, adding that the loan is granted as a project and not cash.