National family development project boosts inclusive economic growth and alleviates poverty

CAIRO - 8 July 2023: The Ministry of Planning and Economic Development has unveiled a significant funding initiative aimed at supporting approximately 3,000 micro-projects. These projects, which fall under the national family development program, prioritize villages in the "Decent Life" initiative across 20 governorates.

The funding is set to expand opportunities for women-owned micro-projects in various productive, commercial, service, handcraft, and heritage sectors, particularly in border provinces, Upper Egypt, and rural areas throughout Egypt.

As part of the effort to boost economic growth and empower women entrepreneurs, a new financing agreement has been signed between the Small and Medium Enterprises Development Authority and the Agricultural Bank of Egypt.

This agreement, falling under the "Egyptian Family Development - Bab Rizk" initiative, provides a total funding of LE60 million. The funding is made possible through a partnership with the French Development Agency, which supports the financing of micro-projects for women.

According to the Ministry's report, the collaboration between the Small and Medium Enterprises Development Authority and the Agricultural Bank of Egypt has already resulted in a total value of contracts reaching LE156 million. These funds have been utilized as revolving loans, supporting over 20,000 micro-projects, amounting to over LE160 million. The financing has been disbursed through the extensive network of the bank's branches, covering the entire country.

The overarching objective of the National Family Development Project is to enhance population characteristics and regulate population growth rates. By doing so, the project aims to enable Egyptian society to benefit from the fruits of development and achieve the goals outlined in Egypt's Vision 2023.

The project encompasses several key areas, including raising awareness, implementing legislative reforms, digitizing services, and ensuring the provision of essential healthcare services. The Ministry is actively working on all these fronts. Moreover, the near future will witness the full activation of the positive incentives.

These incentives include both material and non-material rewards, with insurance documents granting women financial amounts of up to LE 60,000. Additional non-material incentives will also be announced in due course.

The National Family Development Project represents Egypt's steadfast commitment to inclusive economic development and the empowerment of women in entrepreneurship.

By providing funding and support for micro-projects, particularly in rural and underprivileged areas, the initiative aims to create sustainable livelihoods, reduce poverty, and improve social and economic conditions for Egyptian families.

The successful collaboration between the Small and Medium Enterprises Development Authority and the Agricultural Bank of Egypt demonstrates the strong partnership between government institutions and financial entities, working together to foster entrepreneurship and drive economic growth.