Egypt provides unemployed youth with 1000 taxis through facilitated loans

Ahram Online , Wednesday 14 Oct 2015

Taxi of Menofyia
Taxi of Menofyia (Al-Ahram)

Egypt opened the doors to request a taxi through facilitated loans for unemployed youth in nine governorates outside the capital, state-run Social Fund for Development (SFD) announced on Wednesday.

The BYD cars will be offered mostly in the governorates of El-Monoufiyah, Assuit, Qena, Fayoum, and Damietta.

The projects will be funded by the Long Live Egypt Fund 'Tahya Masr' and provided through the SFD.

The loans will be repaid over six years including a one-month grace period at a fixed interest rate of 5 percent.

Egypt's staggering unemployment rate stood at 12.7 percent in the second quarter of this year, down from a peak of 13.4 percent early last year.

The 'Tahya Masr' fund was initiated in July 2014 after President Abdel-Fattah El-Sisi took office. It was then officially established six months later with a decree to accept donations to be used in public projects.

 

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