Raising small-scale farmers' production and improving their living standards is the target of the recent World Food Programme (WFP) project, launched under the patronage of the Central Bank of Egypt (CBE), the CBE said on Thursday.
The National Bank of Egypt and Banque Misr will provide EGP 50 million to implement the project in 40 villages in Upper Egypt to boost their inclusive development by supporting micro, small and medium-sized enterprises (MSMEs).
Some 100,000 Egyptians in Luxor, Aswan, Qena, Sohag, and Assiut are expected to benefit from the project.
The CBE stated the project is in line with its efforts to enhance financial inclusion in Egypt. It is also meant to achieve the objectives of Egypt’s Vision 2030 concerning supporting and developing the MSMEs sector, especially in the agricultural sector.
Cooperation between Egypt and the WFP fits within the country's strategic plan (2018-2023).
The plan contributes to Egypt’s United Nations partnership development framework, the WFP’s Strategic Results, and the UN’s sustainable development goals.