Planning Min.: 2.3 Million Women Benefitted from Microfinance in Egypt
The Egyptian state is working to provide financing for small and micro projects to create job opportunities for young people and provide means for growth in their businesses.
Medium, small, and micro enterprises succeeded in facing successive crises, including the COVID-19 pandemic and the Ukrainian crisis, and the accompanying high inflation rate.
A report authored by the Ministry of Planning and Economic Development revealed that providing financing through financial technology will facilitate the process of reaching the largest possible number of beneficiaries, support the state’s drive towards digitization and financial inclusion, achieve digital transformation in all sectors, and reach the goals of Egypt’s Vision 2030 and the UN’s sustainable development goals, especially Goals 5 (gender equality) and 8 (decent work), and economic growth), according to the “See” website.
The report indicated that the volume of microfinance jumped by 46% on an annual basis at the end of last September to approximately 35.5 billion pounds, benefiting more than 3.8 million clients.
The report pointed out that the share of women among the beneficiaries amounted to about 60%, with 2.3 million beneficiaries. The share of young people of both sexes who benefited from activity services amounted to about 64%.
