El khier Microfinance and Suez Canal Bank: 20M EGP Credit agreement

El kheir Microfinance Company has announced signing a revolving credit agreement with the Suez Canal Bank worth EGP20 mn.

This financing will be directed towards micro-entrepreneurs in Upper Egypt and Lower Egypt through the company’s branches in Luxor, Qena, Aswan, Fayoum, Kafr El-Sheikh, Sharkia, and Menoufia.

This move reaffirms the confidence of Egyptian banks, including the Egyptian National Bank, Bank of Egypt, and Agricultural Bank, in the company’s growth and performance.

This funding marks the initial phase of collaboration, with the possibility of further expansion after utilizing the current facility. The total funding received by the company since its inception amounts to EGP160 mn, with a paid-up capital of EGP 40 mn.

The signing ceremony was attended by key representatives from both parties, expressing gratitude for the support received, and highlighting the company’s commitment to fostering financial inclusion and sustainability in vital sectors of the community.