Minister of Social Solidarity Ghada Waly announced in a press statement on Saturday that the number of projects implemented through the Mastoura loan project increased to about 7,500 with a total value of EGP 113m, after Nasser Social Bank received EGP 100m from the Tahya Misr Fund, representing the second phase of Mastoura.
The Mastoura project was launched by President Abdel Fattah Al-Sisi last year, corresponding with his declaration of 2017 as the year of Egyptian women, with total funds of EGP 250m.
Previously, Waly explained that the Mastoura project provides microfinancing to Egyptian women and also provides them with more opportunities for economic empowerment, as well as a greater capacity to create income sources to raise their families’ standard of living, and to enable them to contribute more effectively to society.
For his part, the deputy CEO of Nasser Social Bank said that the commercial projects are at the forefront of projects implemented by the beneficiaries, explaining that the total number of commercial projects reached about 3,271 projects with a total value of EGP 50m.
After commercial projects, animal production projects are the next highest, with about 2,425 projects worth EGP 40m. The number of industrial projects reached 318 projects worth about EGP 5m, and the remaining projects vary between services.
For her part, Amna Ahmed, one of the beneficiaries of the project who has three children and whose husband died 10 years ago, said that she was loaned a buffalo, not cash.
In that regard, she said that it is better than cash, as she exploits the buffalo in producing milk and cheese and is now known in her village for her superior milk and cheese.
She suggested that every woman who is able to work and does not have a fixed income should join the Mastoura project, describing it as a turning point in her life and pointing out that obtaining the loan from the project is very simple, as a woman just fills out an application for the loan, accompanied by a copy of her national ID and a statement of pension.
“The amount of the loan for Mastoura ranges from EGP 4,000-20,000 for women who are able to work but have no fixed income,” the minister previously said.