EGP 7 million from NBE to finance micro projects
The bank pays great attention to micro-enterprises and aims to reach all segments of the market.
Shrouq
The National Bank of Egypt signed a financing contract in the amount of 100 million pounds with the “Irada” company for financing micro projects to provide the necessary financing for owners of micro projects in various governorates of the Republic.
Yehia Aboul Fotouh, Vice Chairman of the Board of Directors of “Al-Ahly of Egypt”, confirmed that the bank pays great attention to micro-enterprises and aims to reach all segments of the market, including informal projects in an effort to integrate it into the formal sector through development partners from microfinance institutions.
National product
He praised the cooperation with the “Irada” company for financing microenterprises, which confirms the National Bank of Egypt’s continuous keenness to provide the necessary financing for institutions to be re-lent to the beneficiaries of the company’s projects in various governorates. Because of its impact on contributing to the elimination of unemployment by providing job opportunities as well as improving the standard of living for individuals and its reflection on increasing the national product.
Microenterprises
Amr Abul-Azm, CEO, Managing Director and founding partner of “Irada” Company for financing microenterprises, expressed his pride in the fruitful cooperation with the National Bank of Egypt, as it is the largest financial institution supporting micro, small and medium enterprises.
Pointing out that the “Erada” company for financing microenterprises, in which Etisalat Misr, Egypt’s Subsidiary Fund for Financial Services and Digital Transformation, and Mr. Amr Kamal Abu Al-Azm contribute, and aims to provide financing for owners of microenterprises.
National Bank of Egypt
Tarek Hassan, head of billions of pounds from “Al-Ahly” for microfinance institutions, added billions of pounds from “Al-Ahly” for microfinance and medium-sized institutions at the National Bank of Egypt.
The bank was one of the first banks to contract with the company in the field of financing micro-enterprises, in addition to the bank's endeavor to cooperate with the company in the field of electronic services.
7 billion pounds
The total financing available from the National Bank of Egypt to microfinance institutions for the purpose of re-lending it for this type of projects amounted to about 7 billion pounds to 56 microfinance institutions by the end of March 2023, benefiting about one million clients.
