Microfinance records 47% growth in 2019

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Tue, 25 Feb 2020 - 04:18 GMT

Microfinance - Shutterstock

Microfinance - Shutterstock

CAIRO - 25 February 2020: Chairwoman of the Egyptian Union for Microfinance Mona Zou al-Faqar told press on Tuesday that the number of microfinance recipients grew by 11.8 percent to record 3.5 million in 2019 and that the size of funding rose by 47 percent to become LE26.1 billion.

The share of civil society - coming in the first place - in such funding is around two million beneficiaries and LE8.2 billion with a growth of 3.78 percent and 30.51 percent, respectively, in one year.

Microfinance companies come in second place with 1.134 million customers and LE8.2 billion with a growth of 29.6 percent and 57.97 percent, respectively.

Banks rank third with 409,000 customers and LE9.6 billion with a growth of 11.14 percent and 54.9 percent, respectively.

Zou al-Faqar concluded by expressing readiness to cooperate with all institutions granting support to the industrial sector locally and internationally stating that the union is organizing a conference to exchange experience on the microfinance sector.

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