Al Tadamun Microfinance Foundation and QNB Al Ahli, a subsidiary of QNB Group, have reinforced their strategic alliance through the renewal of a EGP 195 million credit facility, a financial instrument meticulously designed to augment micro-enterprise funding, with a specific focus on empowering women entrepreneurs across Egypt. This initiative underscores a concerted effort to catalyze economic advancement within this demographic, recognizing their pivotal role in national development.
This agreement aligns seamlessly with the regulatory mandates promulgated by the Central Bank of Egypt and the Financial Regulatory Authority, which emphasize the imperative of microfinance in fostering economic diversification and inclusive growth. The renewed EGP 195 million facility reaffirms the commitment to sustained financial support for women-led micro-enterprises, prioritizing the provision of tailored financial products that acknowledge their crucial contribution to economic development. The initiative seeks to extend the reach of formal financial services to underserved women entrepreneurs, fostering greater economic participation. The 17-year partnership between Al Tadamun and QNB Al Ahli underscores a sustained commitment to women’s economic advancement. Al Tadamun’s strategic diversification of funding, engaging with 11 Egyptian banking institutions, ensures robust capital availability.
In this regard, Mona Zulficar, Chairperson of Al Tadamun Microfinance Foundation, articulated that the renewed agreement is instrumental in executing the foundation’s strategic mandate to broaden its client base nationwide, thereby enhancing financial inclusion. Reham Farouk, Chief Executive Officer of Al Tadamun Microfinance Foundation, emphasized the foundation’s dedication to developing bespoke financial solutions that address the diverse requirements of its clientele, contributing to employment generation and elevated living standards. Karim Gomaa, Chief Financial Officer of Al Tadamun Microfinance Foundation, highlighted the institution’s proactive approach to diversifying its funding sources, leveraging its robust credit profile and established banking relationships to support its expansionary objectives.
