Minister of Local Development Mohamed Attiyah said the fund's strategy differs in its loan system from other working insurance systems and commercial banks and assured the Local Development Fund's strategy differs from other working insurance systems in the field of loans. Attiyah said the fund shouldn't do the traditional roles of the commercial banks. He said the fund's successes are not measured according to the resulted profits after a certain period of transactions, but is measured according to what is achieved of the goals sought by rural development programs like the development of human, social, institutional and environmental aspects of the local society. Attiyah added in his statement on Monday the fund's continued concentration on its short-term loans repaid within two years policy. He pointed out the fund's board of directors' agreement in its last meeting to provide loans estimated at 2.8 million EGP financing 776 projects in 18 governorates including, 284 projects in Sohag governorate. The projects include investments estimated at 1 million EGP and 492 projects with investments estimated at 1.8 million EGP in 17 governorates. Attiyah said 140 villages in Gharbiya, Dakahlia, Beni Suef, Fayoum, Asiut, Qena, Behira and Ismailia governorates benefited from the loans. The projects are serving the crafts, environmental and agricultural machinery, and livestock and poultry fields. He pointed out the fund's agreement to provide loans on the condition the projects' revenues cover the installments' loan repayment after paying all operating costs.
