100 million EGP.. Solidarity supplies for micro-projects for women

The Solidarity Microfinance Foundation, a pioneer in the field of financing micro-projects for women, announced an agreement with the National Bank of Egypt to increase a credit facility of an additional 100 million pounds.

The total credit facility amounts to about 460 million pounds, with the aim of expanding the financing of its clients during the coming period.

• Establish a new project

The Solidarity Foundation seeks to expand the availability of funds for women who own micro-enterprises and to reach all groups wishing to establish a new project or expand their existing projects.

The institution achieved a growth of about 29% in the value of the active financing portfolio, to reach about EGP 1.076 billion by the end of 2022, compared to about EGP 836.605 million by the end of 2021.

• Agreement with the National Bank

The agreement with the National Bank of Egypt, the main partner of the institution, comes within the framework of the fruitful and extended cooperation relationship between the two sides for more than 15 years, which witnessed many achievements at all levels.

• Individual financing

The Solidarity Microfinance Foundation is keen to provide funds to women seeking support for their projects, which contributes to expanding their activities during the coming period, through various financing programs suitable for different groups, which include “individual financing, group financing, family financing, and golden financing,” in addition to Non-financial services.

The existing cooperation between The Solidarity Microfinance Foundation, and the National Bank of Egypt, includes several areas, such as Obtaining funds to be granted to women who own micro-enterprises, in addition to contracting to pay the salaries of the institution’s employees.

• Meeza cards

The relationship of cooperation extends to also include the disbursement of funds to the institution’s clients through Meeza cards, as the Foundation issued 46,378 Meeza cards to its clients as a “service provider.”

In cooperation with the National Bank of Egypt during the year 2022, in order to allow the disbursement of financing to female customers through the bank’s “ATM” machines.

The Solidarity Microfinance Foundation has a strong credit history that enables it to communicate with various banks operating in Egypt.

It has open credit lines with 7 banks, which are “Al-Ahly, Misr, QNB Al-Ahly, Suez Canal, Abu Dhabi, Arab African International, and Al-Baraka Egypt.”