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.