FILE: The fund targets injecting further LE3 billion during the second half of 2019
CAIRO – 3 August 2019: The Social Fund for Development have recorded a remarkable breakthrough in the loans and financial services provided to young Egyptians.
One of the fund’s aims is to encourage young people to start their own businesses within the framework of a national plan to eradicate unemployment and support micro and small projects.
Throughout the first half of 2019, the fund managed to achieve a number of objectives including:
- Injecting LE2.8 billion from January to June 2019
- Financing 11,000 micro and small projects within six months
- Creating around 174,6 thousand job opportunities for young citizens
- Dedicating LE35 million for infrastructure projects made 33,000 daily wages available
- The fund also targets injecting further LE3 billion during the second half of 2019
It is pertinent to mention that in 2017, Minister of Social Solidarity Ghada Wali said that approximately LE 54,95 million ($3 million) have been made available to finance small projects during the past three years until July 10.
Wali said that 19,080 projects have been executed ranging from commercial projects, public services, and bakeries, among others that benefited some 22,873 citizens.
Executive Director of the NFFCD, Abdel-Hakim Hamouda, said that the program offers loans to different associations working on community development in order to execute micro projects that will benefit people with low incomes.
By then, the foundation had already collaborated with 230 small associations across several governorates to provide these funds, he said.