Local Development Fund provided LE160M in loans in 8 years - minister

CAIRO - 7 April 2022: Since President Abdel Fattah El Sisi assumed office on June 8, 2014, the Local Development Fund has provided LE 160 million worth of loans, announced Local Development Minister Mahmoud Shaarawi.

 

The fund provides micro and small loans for low-income families to raise their income and to reduce unemployment rates, said the minister.

 

The move came as part of the ministry’s role in supporting local development in villages and the areas that are most in need, he added.

 

In line with President Abdel Fattah El Sisi's directives to expand economic and social support offered to female breadwinners, especially in rural areas, the fund has empowered a host of projects for women living in underdeveloped areas, accounting for 64.9 percent of the total projects implemented by the fund, the minister pointed out.

 

Minya was among the governorates that benefited most from the loan with 4,496 projects with total investments worth LE 27 million, followed by Sohag with 2,521 projects with total investments reaching up to LE 17.8 million, noted the minister