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The Social Fund for Development is considering, at present, the possibility of offering interest-free loans to youth punctual in payment and whose projects achieve marketing and production success.
Secretary General of the Fund, Hani Seif elnasr, said that new measures are being implemented to boost youth to settle their loans such as dropping the last installment of youth loans in case of regular settlement.
He also mentioned, in the press conference held yesterday, that programs and strategies are being promoted to face marketing problems of youth products. He added that specialized action groups have been formed to carry out immediate measures and provide alternatives which comprise price cut of youth participation fees in external exhibitions taking place outside Egypt in which the Fund is taking part, installing due payment at selling and funding the permanent exhibition of youth products which shall annually account for 30,000 exhibitors. The measures shall also include establishing fees-free exhibitions in all the governorates.He also expressed that researches are being conducted to establish a specialized academy or institution for marketing. The Fund, in the coming period, shall establish and finance youth marketing firms within its funding framework.The Secretary General of the Social Fund maintained that legal procedures taken against 8200 youth who are unable to cover their loans were halted in an attempt to support them. He said that the status of those who are unable to cover their loans shall be studied carefully, referring to present programs for humanitarian cases such as death or handicap where in such cases the loan is completely dropped.The Secretary General of the Social Fund declared that the Fund shall extend its branches to 4522 Egyptian villages to grant easy access to loans and to deeply root the notion of free business and to root out that of waiting for governmental posts.
Stimulating banks to be flexible with securities of youth loans, he asserted that the Fund shall guarantee, for the first time, a 10% collateral security of the loan, in addition to the 80% security of the Security Cooperation Association, leaving banks with only 10% of the risks. He reiterated that the young man/woman shall have access to his/her loan within 7 days after providing all necessary documents regarding the procedures of the bank, the Fund, and the insurance company as there shall be complete coordination between the three.
Meanwhile, simplifications of the procedures of the governmental bodies responsible for issuing licenses shall be implemented through ministerial resolutions.
Marwa seif eldeen
YES Egypt country Network
Media Team
Sustainable Development Association
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