Local Development Ministry to bolster financing for micro-projects

Egypt's Minister of Local Development Adel Labib said on Wednesday that the ministry will continue to hand out short-term loans to young people and women to finance micro-projects.

The ministry is providing LE15 million through local development funds to those looking to set up micro-projects, Labib said.

He said micro-projects provide vital job opportunities which combat unemployment and help the economy at village-level in Egypt.

Labib added the ministry is looking to bolster resources for local development funds to meet the increasing demand for loans.

The fund is expected to finance more than 5,000 projects this fiscal year, Labib said.

Edited translation from Al-Masry Al-Youm

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