CAIRO - 18 April 2021: Minister of Local Development Mahmoud Shaarawy said that the ministry is targeting the implementation of 30,000 micro and small-scale projects over the coming five years through the local development fund which will secure loans worth LE 200 million.
In a statement on Sunday, Shaarawy said that such projects will utilize the materials available in the local environment and turn them into new products that can be reused in food and craft industrial projects.
He said the ministry is currently studying the reduction of interest rate on loans for female breadwinners in the villages covered by the presidential initiative of "Decent Life" from 6 percent to only 4 percent similar to the beneficiaries from the literacy and disabilities programs.
He added that interest rate on loans for drop by drop irrigation projects will stand at 5 percent.
Shaarawy explained that the ministry will continue implementing the presidential initiative to help the borrowers of loans to pay off their debts on the micro and small-scale projects by granting them a grace period till the end of December, 2021.
He also said the local development fund is offering loans to youths and women especially the talented persons to carry out their creative ideas, adding that 5,449 projects have been implemented in 23 governorates over the period from September 1st, 2019 till the end of February 2021.
Investments in such period exceeded 57.8 million EGP including 48 EGP million in the form of loans, the minister added, noting that number of projects for female breadwinners reached 3,740 representing a 68.6 percent of the total projects.
Shaarawy also noted that the 16 activities covered by the local development fund included animal wealth, pourtly, dairy products, honey, food industries, agricultural machinery, selling outlets, among others.