Cairo – Mubasher: Egypt’s Ministry of Local Development has received approval from the Ministry of Finance for supporting the Local Development Fund with EGP 15.8 million from its proceeds and revenues to help improve the living standards of village residents, the Middle East News Agency (MENA) reported on Sunday.
The fund spent its allocated budget of EGP 15 million from July to November, the Minister of Local Development, Mahmoud Shaarawy, said.
The local development ministry has asked the finance ministry to increase its budget to EGP 40 million from EGP 15 million to reach more beneficiaries in the neediest villages in the country under the presidential initiative of decent life (Haya Karima), he added.
The fund has approved the provision of EGP 14.8 million worth of loans to finance 1,585 micro and small enterprises with investments of EGP 17.8 million by the end of November.
