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Shaarawi: Local development fund agrees on financing 437 projects, at total investments of EGP 4.9 mn

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Local Development Minister Mahmoud Shaarawi said that the Local Development Fund has recently agreed on financing 437 micro and small-scale projects, with total investments amounting to EGP 4.9 million.

In a statement on Friday, the minister said since the beginning of the current fiscal year in July 2021 until now, the fund granted loans worth EGP 31 million to finance micro and small enterprises.

The additional funding, which has been approved by the Finance Ministry at the request of the Local Development Ministry to enhance the financial capability of the Local Development Fund, reached EGP 21.6 million, according to the statement.