Microfinance
The beginning is with signing cooperation protocols with three NGOs.
That is compared to LE63.1 billion in the same period last year.
Minister of Social Solidarity Nevine al-Qabaj highlighted Tuesday that Egypt's expenditure on social care, protection and development rose to 9.5 percent of the GDP in 2022.
The Ministry of Social Solidarity revealed Wednesday a project to train women in Menya, Qena, and Luxor governorates on business management, and finance their micro enterprises.
Zulfaqar equally highlighted that the client base expanded by 10 percent.
The Ministry of Social Solidarity signed Monday contracts with 10 NGOs to contribute to the creation of 50,000 job opportunities.
The Rural Industries Support Fund is finalizing a microfinancing programme targeting Takaful w Karama beneficiaries residing the countryside.
The company enables access to a wide range of financial services to micro and small enterprises.
The non-governmental organizations (NGOs) and financing companies working in financing micro-projects from members of the Federation granted LE 31.9 billion to serve 3.8 million customers, while the banking system injected funds (up to LE 20,000) by about LE 32.7 billion, to 778,000 customers by the end of June 2022.
FRA indicated in a report, Saturday, that the number of microfinance beneficiaries reached 3.2 million by the end of 2020, up from 3.1 million during 2019.
The number of beneficiaries also rose slightly by 0.5 percent.
Also, the number of beneficiaries grew by 11.8 percent.
The number of beneficiaries reached 3.3 million customers with a growth rate of 14.1 percent, compared to the results of the end of the second quarter of 2018.
Wali explained that 55 foreign entities provided 151 grants to 112 NGOs in Egypt.
Zulficar stated that the number of enterprises holding licenses to provide microfinance increased to six while that of NGO’s rose to 897.
A wrap-up of the most prominent business news of the day.
IFC will provide advisory services to the Dakahliya Businessmen Association for Community Development (DBACD) to ramp up ts lending to low-income citizens.
A number of 840 entities were granted licenses by the EFSA to operate in the microfinance sector.
70% of microfinance beneficiaries are women, amounting to 1.4 million, compared to 600,000 men. Most of these are from Upper Egypt.
The forum includes a presentation of a report prepared by OECD on women’s economic empowerment in six MENA countries.
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