Egypt participates in IDA for Africa Summit, discussing development ambitions    MSMEDA signs EGP 30m contract with Al-Khair Microfinance    Al-Sisi, Biden discuss Gaza crisis, Egyptian efforts to reach ceasefire    Egyptian, Bosnian leaders vow closer ties during high-level meeting in Cairo    Egypt targets 70% private sector contribution to economy – minister    S. Africa regards BHP bid typical market activity    Al-Mashat to participate in World Economic Forum Special Meeting in Riyadh    Egypt's CBE issues $980m in t-bills on Monday    Asian stocks rise, fed meeting in focus    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    AstraZeneca, Ministry of Health launch early detection and treatment campaign against liver cancer    AstraZeneca injects $50m in Egypt over four years    Egypt, AstraZeneca sign liver cancer MoU    US to withdraw troops from Chad, Niger amid shifting alliances    Negativity about vaccination on Twitter increases after COVID-19 vaccines become available    US student protests confuse White House, delay assault on Rafah    Italy hits Amazon with a €10m fine over anti-competitive practices    Environment Ministry, Haretna Foundation sign protocol for sustainable development    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Climate change risks 70% of global workforce – ILO    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Al Baraka Bank offers EGP 90m to Solidarity Microfinance to support microenterprises by women
Bank is keen on developing role of women economically and socially: Chairperson Hazem Hegazy
Hossam Mounir Published in Daily News Egypt on 25 - 12 - 2022

Solidarity Microfinance, working in the field of financing micro-projects by women, signed a financing agreement worth EGP 90m with Al Baraka Bank Egypt, in order to support women who own micro-enterprises nationwide.
According to the agreement, the funding will provide women with limited income with sufficient financial resources that enable them to develop and expand their already existing projects, thus contributing to providing sufficient income for their families, to improve their lives.
This comes within the framework of Al Baraka Bank and Solidarity Microfinance Foundation's strategy to support women in various fields, and in line with Egypt's Vision 2030 to empower women and provide growth opportunities for medium, small and micro enterprises, thus contributing to supporting the Egyptian economy and creating new job opportunities.
The cooperation agreement between the two sides reinforces the plan and directions of the Central Bank of Egypt and the Financial Regulatory Authority towards expanding the umbrella of financial inclusion and providing financing needs for owners of microenterprises to develop the scope of their businesses.
Hazem Hegazy, CEO and Vice Chairperson of Al Baraka Bank Egypt, said: "In light of global conditions, medium, small and micro enterprises need to have financing opportunities that are appropriate to their financial conditions, in order to achieve real growth in their business. We realize that financing these projects is a key factor in achieving Comprehensive development, which enhances growth opportunities for all economic and productive sectors."
He added: "The strategy of Al Baraka Bank is very keen on developing the role of women economically and socially, in light of the state's tendencies to achieve equality, and we focus through our banking services and partnerships on achieving a positive impact for Egyptian women, as we seek through this cooperation to give clients of microenterprises an opportunity for obtaining financing to expand the size of their businesses, without much difficulty, which contributes to achieving financial inclusion by including them in the formal economy system, and establishing new projects in the market."
Ahmed Suleiman, head of the bank's small and medium enterprises sector, added: "This agreement comes within the bank's plans to attract new segments of customers who are not covered, by being present through centers dedicated to serving them. The bank's portfolio for financing medium, small and micro projects will reach EGP 4.5bn by the end of 2022."
Mona Zulfiqar, Chairperson of the Board of Trustees of Solidarity Microfinance Foundation, said that the Foundation will redirect these funds to support women microenterprise owners, in order to enhance the role of the sector, which is a strong supporter of economic activity on a large scale.
Zulfiqar indicated that the institution, as one of the leading entities in financing microenterprises, provides distinct financing mechanisms that meet all financing needs, as well as non-financial solutions and services for women who own innovative projects and ideas, which contributes to supporting the state's approach towards encouraging local production to limit imports.
Reham Farouk, CEO of Solidarity Microfinance Foundation, said: "The financing amounting to EGP 90m will support the institution's long-established directions and strategy, which focuses on providing easy financing for women, and reaching all groups that face difficulty in providing the necessary financing for the expansion and development of projects, by offering a package of various financing programs, which include individual financing, group financing, family financing, gold and complementary financing products."
She emphasized that the Solidarity Microfinance Foundation has a strong credit history that enables it to communicate with various banks, whether governmental or private, as the existing portfolio of financing for solidarity female clients recorded about EGP 1bn in September 2022.

Clic here to read the story from its source.