Egypt’s national project for community development, Mashroak, has successfully financed approximately 228,000 small and medium-sized enterprises (SMEs) across the country, according to Manal Awad, Egypt’s Minister of Local Development. The initiative stands as a cornerstone of the nation’s strategy to bolster its economy by empowering entrepreneurs.
Since its launch in 2015, the program has injected a total of EGP 36 billion (approximately $761 million) in financing. This significant investment has led to the creation of 1.5 million direct and indirect job opportunities, with a strategic focus on empowering youth and women in both rural and urban communities.
Driving Economic Growth and Empowerment
Minister Awad emphasized that Mashroak is a vital driver of Egypt’s national economy. The program’s impact extends beyond financial support, playing a critical role in enabling young people and women to enter the workforce and establish their own businesses, particularly within production and entrepreneurial sectors.
“Mashroak is a cornerstone of the state’s efforts to support SMEs,” stated the Minister, highlighting their importance in the national economic landscape. The initiative’s success is measured not just in capital deployed but in the sustainable livelihoods it helps create.
Regional Impact Across Governorates
The program’s reach has been extensive, with several governorates demonstrating remarkable uptake. Sohag leads with 24,600 projects financed through EGP 5 billion in loans, which in turn created 164,000 jobs.
Minya follows closely with 24,300 projects funded by EGP 3.5 billion, generating 160,000 jobs. Other notable contributions include Beheira, with 20,500 projects and 104,400 jobs created from EGP 2 billion in loans, and Daqahleya, which saw 18,900 projects and 109,000 jobs resulting from EGP 2.4 billion in financing.
Beyond Financing A Holistic Support System
Minister Awad highlighted the ministry’s commitment to expanding the program by increasing the number of Mashroak offices in villages and local centers. This expansion aims to make the initiative’s resources accessible to an even broader segment of the population.
The program offers comprehensive support, including technical and marketing assistance delivered through its extensive network of offices. The ministry is also focused on enhancing awareness and training activities, providing feasibility studies, and guiding entrepreneurs to transform their ideas into profitable, job-creating ventures.
“We are dedicated to ensuring the success and sustainability of these projects,” Awad affirmed. “My team and I are in regular contact with local offices to ensure projects are meeting their objectives.”
About Mashroak
Mashroak, officially The National Project for Community, Human, and Local Development, is an Egyptian government initiative managed by the Ministry of Local Development. Launched in 2015, the program is designed to stimulate economic growth by providing financing and comprehensive support to small and medium-sized enterprises (SMEs). It focuses on creating sustainable job opportunities, particularly for youth and women, across all of Egypt’s governorates.
Source: Zawya
