Egyptian pound - CC via Wikimedia Commons/Winter Sorbeck
CAIRO - 4 June 2019: The Local Development Fund provided loans worth LE27 million for 3,511 micro and small enterprises in 11 governorates in the FY2018-2019, the Ministry of Local Development announced on Tuesday.
The fund was due to offer loans worth only LE15 million, which are made available through the state's budget. However, LE12 million were secured through the beneficiaries’ payback. In the upcoming FY2019-2020, LE30 million will be allocated for the fund to finance enterprises that are expected to offer 4,000 jobs.
The ministry revealed that the fund is preparing a guide book for potential beneficiaries explaining the required documents, the steps, and regular project models. The fund also organizes for beneficiaries marketing and management workshops that vary in accordance with the type of projects.