Governor of Central Bank of Egypt (CBE) Tarek Amer announced that a loan of EGP 10bn was granted to the Ministry of Housing to build 450,000 housing units.
During the Sustainable Development Strategy Conference held in Al-Galaa Theater on Wednesday, Amer said a young Egyptian man whose salary is less than EGP 1,400 can pay for their apartment in 20 years at an interest rate of 5%.
“We want to benefit the manpower of youth to give them all the support we can for the implementation of their projects. We welcome youth who have ideas of small businesses to finance their projects without guarantees, since state-run banks seek to achieve development through youth’s investments and all resources are available to them,” Amer said.
The number of available jobs cannot match the number of graduates from universities and colleges seeking employment; foreign countries face this same problem.
About 90% of national output in advanced societies is based on small projects and small- and medium-sized enterprises (SMEs) which have become CBE’s new strategic goal now after they were neglected in the previous period.
The size of the state-run banks’ assets recorded approximately EGP 600bn and all of them have been directed to support SMEs from now on.
