The Agriculture Bank of Egypt (ABE) and the Ministry of Supply and Internal Trade have signed a cooperation protocol to fund the “My Workshops” project, which supports goldsmithing workshops.
The project aims to preserve, develop, and expand the goldsmithing industry, creating jobs for youth and supplying skilled labour for Gold City, a planned hub for gold production and trade. The project also involves establishing specialised schools and training centres for gold, as well as a technological centre to provide machines and equipment for the workshops.
Ali Meselhy, the Minister of Supply and Internal Trade, said the project would restore Egypt’s leading role in the gold sector, as it was in the past.
Alaa Farouk, the ABE Chairperson, said the bank would finance gold workshops as part of its small and micro-projects portfolio, starting with EGP 1m for each workshop that meets the required conditions.
He said the project would increase the volume of gold and jewellery production and reduce the import bill for this product. He added that the bank was ready to finance workshops and factories in this sector, as long as they fulfilled the financial and credit criteria and feasibility studies.
Ahmed Suleiman, the Head of the Jewellery Stamping and Weights Department, said the applicants for financing would need to provide documents such as the tax card, commercial registration, and the professional license issued by the department. He said technical and financial committees would review the applications and start the funding process.
Ahmed Kamal, the official spokesperson for the Ministry of Supply and Internal Trade, said the project meetings would take place next Wednesday. He said the project would employ many youth and protect this vital industry. He said the project management unit at the ministry would work with all stakeholders to overcome any obstacles and achieve the project’s objectives.
