Memorandum of Understanding between the Ministry of Social Affairs and Labor and the National Bank for Microfinance
On January 4th, the Ministry of Social Affairs and Labor signed a memorandum of understanding with the National Bank for Microfinance, with the aim of providing appropriate financing for the establishment of small and micro projects.
The memorandum was signed by the Minister of Social Affairs and Labor, Muhammad Seif El-Din, and the Executive Director of the Bank, Muhammad Mounir Haroun, in the Ministry’s building.
The memorandum aims to expand the financing sources available to the neediest groups, and allow the beneficiaries to obtain financing opportunities and enhance their self-reliance in generating their income, in order to improve their social and living conditions and reduce unemployment by finding more job opportunities for them.
The memorandum also aims to contribute to addressing the shortage of skilled workers by supporting trainees in the basic professions needed by the labor market in a range of professions.
Minister Seif El-Din indicated that the memorandum will be implemented during the next two months in Hama Governorate, and in the next phase it will expand to the rest of the governorates.
Minister Seif El-Din said that the Ministry is working to support the neediest groups by supporting micro-sized enterprises.
For his part, Haroun explained that the memorandum aims to increase the number of beneficiaries, especially those who have finished their military service.
O. al-Mohammad