By Rana Yehia
The first phase of a national initiative for community, human and local development called “Your Project” (Mashrou’ak) was launched Tuesday with approximately EGP 3bn worth in investments, a Cabinet statement said.
“The initiative targets providing opportunities of employments to youth in all governorates, realising sustainable development, eliminating emigration from villages to cities, elevating life qualities in Egypt besides establishing the concept of citizenship and directing the youth to the right path in order to create a new generation of young investors,” said Minister of Local Development Adel Labib.
The first phase of the initiative includes 11 governorates, such as Giza, Upper Egypt and border governorates, according to Labib. He added that the second phase of the initiative will begin next week in the northern governorates.
Approximately EGP 3bn will be pumped as down payment in those 11 governorates to implement small- and medium-projects for youth in several sectors, Labib noted. The value will be funded through coordination between the ministry and several banks including the National Bank of Egypt (NBE), Banque Misr, the Nasser Social Bank (NSB) and the Principal Bank for Development and Agriculture Credit (PBDAC).
Labib said the “initiative will include three tracks; expanding existing projects, governorate-focused projects and untraditional ideas”.
Prime Minister Ibrahim Mehleb and a number of ministers and governors were present at the launch of the initiative, which took place in Qena on Tuesday. Presidents of universities, chairmen of several Egyptian banks, the President of Arab Exporters Union and heads of agencies in the Ministry of Local Development and civil society organisations also attended the launch.