On Tuesday, 2/7/2024, Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), signed the code of the Women Entrepreneurs Finance Initiative (We-Fi) with the European Bank for Reconstruction and Development (EBRD).
The initiative aims to increase financial assistance to women-led micro, small, and medium-sized enterprises in Egypt and provide them with necessary technical support.
The signing ceremony was attended by Jürgen Rigterink, EBRD’s first Vice President and head of Client Services Group, Matteo Patrone, EBRD’s vice president for banking affairs, and several CBE officials.
Abdallah mentioned that the initiative aligns with the State’s strategy for enhancing financial inclusion for women. He emphasized that it is part of CBE’s efforts to provide more funding opportunities for female entrepreneurs in coordination with all relevant bodies.
On his part, Rigterink noted that CBE has pioneered financial inclusion, especially in offering financial assistance to women-led micro, small, and medium-sized enterprises.
He added that EBRD will provide technical support for the Egyptian banking sector, financial service providers, and relevant parties to strengthen financial inclusion for women and develop appropriate financial and non-financial products for them.
Rigterink stated that a sum of money would be allocated through the initiative to support Egypt’s efforts in achieving gender equality and reducing funding gaps for female entrepreneurs.
