NBE injects EGP 100m in Irada Microfinance

The National Bank of Egypt (NBE) has signed a financing contract worth EGP 100m with Irada Microfinance, to provide the necessary funding for microenterprises in several governorates.

Yehia Aboul Fotouh, Deputy Chairperson of NBE, said that the bank pays great attention to microenterprises, and aims to reach all segments of the market, including informal projects, in an effort to integrate them into the formal sector.

Aboul Fotouh praised the cooperation with Irada for financing microenterprises, which confirms NBE’s continuous keenness on providing the necessary financing for institutions, to be re-lent to the beneficiaries of the company’s projects in various governorates. This is because of its impact on contributing to the eradication of unemployment, by providing jobs, as well as improving the standard of living for individuals, and its impact on increasing the national product.

Amr Abul-Azm, CEO, Managing Director, and founding partner of Irada, expressed his pride in the fruitful cooperation with NBE. It is the largest financial institution supporting micro, small and medium enterprises (MSMEs).