Al Baraka Bank and Al Tadamun Microfinance Foundation sign an agreement to support microenterprises
The Solidarity Microfinance Foundation, the pioneer in the field of financing micro-enterprises for women, signed a financing agreement worth EGP 90 million with Al Baraka Bank, to support women who own micro-enterprises nationwide.
According to the agreement, the funding will be allocated to provide financing opportunities to support women who own micro-enterprises with limited income in Egypt. Furthermore, it will offer them sufficient financial resources that enable them to develop and expand their already existing projects, thus contributing to providing sufficient income for their families, to improve their lives.
The financing agreement was signed in the presence of Hazem Hijazi, CEO and Vice Chairman of the Board of Directors of Al Baraka Bank, Ahmed Suleiman, Head of the Small and Medium Enterprises Sector at Al Baraka Bank, and Mona Zulfikar, Chairman of the Board of Trustees of Al Tadamun Microfinance Foundation, and several banks and institution representatives.
The cooperation agreement between the two sides reinforces the plan and directions of the Central Bank of Egypt and the Financial Supervisory Authority, towards expanding the umbrella of financial inclusion and providing financing needs for owners of micro-enterprises to develop their business scope.
This comes within the framework of Al Baraka Bank and Al Tadamun Microfinance Foundation’s strategy to support women in various fields, and in line with Egypt’s Vision 2030 to empower women and provide growth opportunities for medium, small and micro enterprises, which contributes to supporting the Egyptian economy and creating new job opportunities.