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Mashroak finances projects in Beni Suef with EGP 1.3bn

Mashroak finances projects in Beni Suef with EGP 1.3bn
The funded projects led to the creation of nearly 14,960 jobs

Cairo – Mubasher: The Egyptian National Programme for Community, Human, and Local Development (Mashroak) has provided loans worth EGP 1.3 billion to projects in Beni Suef Governorate from May 2015 until the end of last March, the Middle East News Agency (MENA) reported on Sunday, citing the Governor Mohamed Hany Ghoneim as saying.

The funding was directed to about 11,720 projects which led to the creation of nearly 14,960 jobs in industrial, commercial, agricultural, and service sectors, Ghoneim added.

Mashroak comes under the framework of the Central Bank of Egypt’s (CBE) initiative to finance micro-, small-, and medium-sized enterprises (MSMEs) with low-interest loans.

Banks participating in the initiative include the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, the Agricultural Bank of Egypt, Housing and Development Bank (HDB), and ALEXBANK.