Al Tadamun Microfinance obtains EGP 100m from AAIB

Al Tadamun Microfinance Foundation, which operates in the field of financing micro-projects by women, announced signing a financing agreement with the Arab African International Bank (AAIB) at a value of EGP 100m, with the aim of supporting micro-enterprises and helping them develop and grow.

The two parties stressed that the signing of this agreement comes within the framework of keenness on keeping pace with the plans and strategies of the Central Bank of Egypt (CBE) and the Financial Regulatory Authority (FRA), to achieve financial inclusion and support the economic empowerment of citizens, in line with the goals of sustainable development and the vision of “Egypt 2030”.

Mona Zulfiqar, chairperson of the Board of Trustees of Al Tadamun Microfinance Foundation, said that signing a cooperation agreement with AAIB contributes to providing financing needs to the largest possible number of women who own micro-enterprises with fairness, quality and appropriate cost, to help them develop and grow their projects. The Foundation tries to increase the financing portfolio directed to the activity of micro-enterprises, which represents a basic pillar of economic growth in Egypt.