Al Tadamun Microfinance, CIB Sign Credit Facility Agreement Worth EGP 150M
Date
10/20/2024 2:12:35 PM
(MENAFN- Daily News Egypt) Al Tadamun Microfinance Foundation, a leader in financing micro-enterprises for women, announced that it had signed an agreement with the Commercial International bank – Egypt (CIB) to renew a credit facility agreement worth EGP 150m. This agreement aims to expand financing for women who own micro-enterprises nationwide.
The agreement reflects the Foundation and CIB's keenness to foster the role that micro-enterprises play as fundamental pillars of economic growth.
Mona Zulficar, Chairperson of the Board of Trustees of the Foundation, said that renewing the agreement was driven by the Foundation's sense of responsibility in supporting the micro-enterprise sector and empowering Egyptian women economically and socially. It aims to reach the largest segment of female clients, which can eventually expand the umbrella of financial inclusion, in line with the goals of sustainable development and Egypt's Vision 2030.
She stressed that Al Tadamun's cooperation with CIB will help provide distinguished financing mechanisms that meet the financing needs of women seeking support for their projects, which can expand their activities and provide sufficient income for their families.
Reham Farouk, CEO of the Foundation, said that the cooperation and effective partnership with CIB allows access to the largest possible number of women who own micro-enterprises, in line with the Foundation's ambitious strategy to expand in the Egyptian market and boost its client base.
Farouk explained that Al Tadamun Microfinance Foundation provides many diverse financing products and programs that suit a variety of segments of women in society. These products include individual financing, group financing, family financing, and gold financing. It also offers non-financial services that help enable women to reach the financing they need for their projects easily and conveniently.
Karim Gomaa, the Foundation's Financial Director, said that signing this credit facility renewal agreement with CIB stems from its constant keenness to diversify funding sources. He also noted that the Foundation has a strong credit history, as it currently cooperates with 10 government and private banks operating in the Egyptian banking sector.
Gomaa pointed out that these agreements help enhance Al Tadamun's ability to implement its ambitious expansion strategy, and continue to present its distinguished performance, in addition to achieving strong unprecedented growth rates in financing balances and customer base during the coming period.
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