The Federation of Egyptian Banks (FEB) and the Ministry of Planning and Economic Development have joined hands to help empower women economically as part of the National Project for the Development of the Egyptian Family.
The cooperation aims to support small and micro enterprises in all governorates of Egypt, in collaboration with the Ministries of Social Solidarity, Planning and Economic Development, and the National Council for Women.
The Economic Empowerment Axis of the National Project for Egyptian Family Development at the Ministry of Planning, represented by Engy Abaza, signed a cooperation protocol with Mohamed Tharwat, Chairperson of the Financial Inclusion Committee at FEB. The protocol will help the state’s efforts to create opportunities for citizens to enjoy the benefits of economic growth, achieve a balance between economic growth and social justice, and enhance the country’s economic growth and sustainability.
Hala El-Said, Minister of Planning and Economic Development, explained that the Ministry of Planning and Economic Development is committed to monitoring women’s access to the services and products provided by Egyptian banks, as per the protocol. She also mentioned the ministry’s role as a national coordinator for implementing the national project for developing the Egyptian family, which includes empowering women economically and encouraging them to establish small and micro enterprises.
The federation’s President, Mohamed El-Etreby, stated that FEB’s role is a leading model for cooperation between various state institutions, which contributes to following up on banks that participate in providing financial and non-financial products and services following the policies, controls, and procedures of each bank. FEB’s role also includes directing banks to provide financing to small and micro enterprises to clients in line with each bank’s credit policies, procedures, and internal controls.
The areas that can benefit from the funds include programs for financing various agricultural industries, such as poultry farming projects, animal production, dairy production, and medicinal and aromatic plants. Other regions include programs for financing irrigation systems, solar energy applications, purchasing and leasing agricultural mechanization, renting agricultural crop dryers, contract farming, trading of farm inputs, fishing boats and fishermen, and treating and recycling agricultural waste.
Innovative non-financial solutions will also be provided to entrepreneurs and enterprise owners through the business development centers of the NilePreneurs Initiative, tailored to the target groups.
