The Solidarity Microfinance Foundation signed a financing agreement worth EGP 100 M with the Commercial International Bank of Egypt (CIB) to expand financing for women who own micro-enterprises.
This agreement comes within the framework of CIB and Al Tadamun Microfinance Foundation’s keenness to keep up with the plans and strategies of the Central Bank and the Financial Supervisory Authority in order to expand the umbrella of financial inclusion and support the economic empowerment of women, in line with the goals of sustainable development and promoting economic growth.
The funding will support the directions and objectives of the Solidarity Foundation towards expanding the provision of financing opportunities for the benefit of women who own micro-projects throughout the Republic, with the aim of enabling them to establish their projects, and expand existing projects, to contribute to improving their lives, and providing sufficient income for their families.
Chairman of the Board of Trustees of Al Tadamun Microfinance Foundation, Mona Zulfiqar, said that cooperating with CIB will significantly contribute to providing distinguished financing mechanisms that meet all the financing needs of the largest possible number of women who own microenterprises, in addition to non-financial solutions and services.
She affirmed the institution’s keenness, as one of the leading entities in financing microenterprises, to contribute to the increase and growth of the financing portfolio directed to this important sector, which represents the pillar of economic growth in Egypt during the current period, thus contributing to the provision of new job opportunities.
CEO of Al Tadamun Microfinance Foundation, Reham Farouk, expressed her happiness at signing a financing agreement with CIB for the first time, noting that there is existing cooperation with the bank represented in the contract to transfer part of the salaries of the institution’s employees.
She indicated that Al Tadamun has a strong credit history, as it is currently cooperating with 8 government and private banks operating in the Egyptian banking sector, stressing the institution’s ability to continue its outstanding performance and achieve strong growth rates in financing balances and customer base during the coming period.
She pointed out that the Solidarity Microfinance Foundation provides a variety of financing products that suit different segments of society for women, which include individual financing, group financing, family financing, golden financing, and opportunity financing.
