NBE Signs a Financing Agreement Worth EGP100 Mn with Erada Microfinance Company

6/11/2023 10:11:00 AM

NBE has signed a financing agreement of EGP100 mn with Erada Company for Micro-Projects Financing to provide the necessary funding for micro-projects owners in various provinces of the Republic.

Yahya Abu Al-Fatouh, Deputy Chairman of the Board of Directors of Al Ahli Bank of Egypt, confirmed that the bank attaches great importance to micro-projects and aims to reach all market segments, including informal projects, in order to integrate them into the formal sector through development partners from microfinance institutions.

He praised the cooperation with Erada Company, which confirms the continuous commitment of the bank to provide the necessary financing to institutions for re-lending to beneficiaries of the company's projects in various provinces. This has an impact on contributing to the eradication of unemployment by providing employment opportunities and improving the standard of living for individuals, thus reflecting on the increase in the national output.

On his part, Amr Abou El-Azm, CEO, Managing Director, and Co-Founder of Erada Company for Micro-Projects Financing, expressed his pride in the fruitful cooperation with NBE, as it is the largest financial institution supporting micro, small, and medium-sized projects.

He also mentioned that Erada Company for Micro-Projects Financing is supported by Telecom Egypt, Egypt Subsidiary Fund for Financial Services, Digital Transformation, and Mr. Amr Aboelazm. It aims to provide financing for micro-projects owners.

Tarek Hassan, Head of Small and Medium-sized Enterprises Group at NBE, added that the bank was one of the first banks to contract with the company in the field of micro-projects financing.

Furthermore, in addition to the bank's efforts to cooperate with the company in the field of electronic services by enabling cash withdrawals for the company's clients using Meeza cards, within the framework of supporting the financial inclusion system.

Saad Muhyi El-Din, Head of MSEs Sector, pointed out that the total available financing from NBE to microfinance institutions for the purpose of re-lending to this type of projects amounted to EGP 7 bn by the end of March 2023, benefiting around 1 million clients.