Arab Finance: Egypt’s Local Development Fund has agreed to finance 409 small and micro projects in 12 governorates with EGP 8.2 million, Minister of Local Development Hisham Amna announced on September 19^th.

The governorates are Minya, Menoufia, Aswan, New Valley, Daqahlia, Sohag, Sharqia, Beheira, Ismailia, Assiut, Fayoum, and Beni Suef.

A sum of EGP 6.8 million of the funding is directed toward beneficiaries as loans, while the remaining EGP 1.4 million are provided by the beneficiaries to implement the projects.

Aswan topped all governorates in terms of the number of projects backed by the fund, with 79 projects being financed with EGP 1.2 million, followed by Menoufia with 67 projects being funded by EGP 1.4 million, Amna highlighted.

The minister said that the fund prepares feasibility studies for the projects as well as promoting their products via Ayady Misr platform.

Amna has directed the fund’s board to offer new packages of various projects to diversify the projects supported by the fund and facilitate the loan application process.

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