Local Development Fund finances 578 small projects with investments of EGP 9.5 million

26 Nov 2022

Within the framework of the efforts of the Ministry of Local Development to support economic development, and in line with the national orientation in the governorates to achieve the goals of sustainable development...

Major General Hisham Amna, Minister of Local Development, directed the need to take into account environmental considerations in all projects funded by the Local Development Fund, explaining that the ministry provides various aspects of support for sustainable development project models, such as biogas projects, pressing and collecting rice straw, and recycling violators.
Major General Amna noted that the ministry encourages young people to establish development projects committed to sustainable environmental standards, pointing out that the Local Development Fund requires the various small and micro projects it finances to be environmentally friendly.
The minister explained that the Fund agreed to finance 578 small and micro legislators with investments of EGP 9.5 million in 17 governorates, including 405 projects for women by 70%, pointing out that Aswan Governorate occupied the top of the governorates with 290 projects, including 208 projects for women breadwinners, and said that the percentage of women's projects financed by the Fund reached 100% in the governorates of Giza, Sharqia, Dakahlia, Kafr El-Sheikh and Sohag.
Major General Amna stressed on those in charge of the Fund to intensify field visits to follow up on the projects implemented by the Fund in the governorates, review the position of loan repayment and the measures that are taken to overcome the difficulties in front of non-performing loans, and provide a package of new projects to encourage young people to implement projects that provide job opportunities for them on the one hand and help meet the needs of citizens of products and goods that may not be present in the surrounding markets on the other hand.

The Minister added that the Fund's policy is to emphasize the concept of popular participation in the development of the rural economy. The Fund requires borrowers to share a portion of the cost of projects financed through it. The Fund also provides feasibility studies free of charge to beneficiaries and grants a grace period equivalent to a full project production or operation cycle, which varies according to the quality and nature of the project.