385K micro enterprises in Upper Egypt receive funding worth LE1.17B

CAIRO – 16 April 2024: The Ministry of Social Solidarity released a press statement Tuesday highlighting that the National Association for Family and Society Development had financed in one year 385,000 micro enterprises in the revolving-loan system.

The total value of the loans exceeded LE1.17 billion, and the beneficiaries belonged to Upper Egypt's Asyut, Sohag, and Qena governorates. A loan's maximum amount is LE30,000 and is paid back over 24 months. The funding was disbursed through 17 NGOs in Asyut, 16 in Sohag, and 15 in Qena.

The ministry is implementing a number of programmes to reduce unemployment. 'Forsa,' the programme pertinent to the employment of the beneficiaries of the monetary subsidies programme Takaful w Karama, targets to create jobs for 800 individuals at a cost of $400,000 in the governorates of Sharqia and Asyut by June upping the total to 9,500.

It is noted that 1,500 of those found jobs at four employment fairs, while the rest became self-employed through microfinancing to enterprises in the sectors agriculture, animal production, carpets, garments, furniture, home wear, and metal forging among others.

The programme is funded through a grant from the Norwegian government, and implemented in collaboration with the International Labor Organization (ILO). Its achievements included the capacity-building of 56 NGOs in Sharqia and Asyut, 19 microfinancing associations, and 105 instructors who train Forsa beneficiaries.

On other hand, Takaful w Karama programme would continue disbursing the monetary subsidies for 6-12 months after beneficiaries begin work until they are stable in the job. Minister of Social Solidarity Nevine al-Qabaj stated that there were 4.7 million families enrolled in the programme and that its budget for 2024 was LE41 billion.