Al Tadamun Microfinance Foundation, a leading provider of microfinance for women entrepreneurs, has renewed a credit facility agreement worth EGP 120m with First Abu Dhabi Bank Egypt, to expand its financing services to more women-owned micro-enterprises.
The agreement reflects the corporation and the bank’s commitment to support the micro-enterprise sector as a driver of economic growth, job creation, and national product enhancement. It also aligns with the state’s efforts to promote financial inclusion and integrate more women into the formal economy.
Mona Zulfikar, Chairperson of the Board of Trustees of Al Tadamun Microfinance Foundation, said that the agreement supports the organization’s strategy of reaching more beneficiaries and providing them with financial and non-financial services to meet their needs. She added that the agreement also supports the Central Bank of Egypt and the Financial Regulatory Authority’s directions toward strengthening the role of the microfinance sector in empowering citizens, especially women, boosting local products, and reducing imports.
Reham Farouk, CEO of Al Tadamun Microfinance Foundation, said that the agreement enhances the institution’s ability to implement its ambitious strategy, continue its outstanding performance, and achieve strong growth rates in its financing portfolio and client base. She said that the cooperation between Al Tadamun Microfinance Foundation and First Abu Dhabi Bank Egypt started in 2017 and that the institution has a strong credit history, as it cooperates with eight government and private banks.
She noted that the new credit facility will support the organization’s strategy, which focuses on providing financing for women to expand and develop their projects, through a variety of financing programs that include individual, group, family, gold, and opportunity financing. She also mentioned that Al Tadamun Microfinance Foundation recently launched a unique mobile branch service to serve new business areas and reach various segments of female clients.
According to its latest report, Al Tadamun Microfinance Foundation had a portfolio of about EGP 1.133bn at the end of June 2023, compared to about EGP 995m at the end of June 2022. The volume of financing granted to female clients reached about EGP 1.109bn compared to about EGP 958.6m.
