The Federation of Egyptian Banks (FEB) and the Ministry of Planning and Economic Development have signed a cooperation protocol to implement the activities of the women’s economic empowerment aspect of the national project for Egyptian family development.
The protocol was signed by Engy Abaza, Director of the Economic Empowerment Axis of the National Project for Egyptian Family Development at the Ministry of Planning, and Mohamed Tharwat, Chairperson of the Financial Inclusion Committee at FEB.
The cooperation protocol aims to support the state’s efforts to empower women economically as part of the National Project for the Development of the Egyptian Family. This will be done by supporting small and micro enterprises in cooperation with the Ministries of Social Solidarity, Planning and Economic Development, the National Council for Women, and Egyptian banks operating in all governorates of the country.
Hala El-Said, Minister of Planning and Economic Development, said that this protocol is part of the ministry’s work to enhance the country’s economic growth and sustainability, through effective planning and rational management of public investments.
She explained that the ministry adopts an inclusive growth approach that creates decent job opportunities, provides broader opportunities for citizens to enjoy the benefits of economic growth, and achieves a balance between economic growth and social justice. She also mentioned the ministry’s role as a national coordinator for implementing the national project for developing the Egyptian family, which includes empowering women economically and encouraging them to establish small and micro enterprises.
She pointed out that, according to the protocol, the Ministry of Planning and Economic Development is committed to monitoring the access of women to the services and products provided by Egyptian banks.
Mohamed El-Etreby, President of FEB, said that the federation’s role is a leading model for cooperation between various state institutions.
This cooperation contributes to following up on banks that participate in providing financial and non-financial products and services in accordance with the policies, controls, and procedures of each bank. It also helps monitor banks’ awareness and promotion of financial and non-financial products and services to the community of women who benefit from the services of the National Project for Egyptian Family Development. This will be done by using the headquarters of the National Council for Women, the Ministry of Social Solidarity, and any other participating parties in Egypt’s governorates.
He added that FEB’s role also includes directing banks to provide financing to small and micro enterprises to clients, in line with the credit policies, procedures, and internal controls of each bank.
According to a joint statement by the two sides, the areas that can benefit from the funds include programs for financing poultry farming projects, poultry industries, animal production, dairy production, and agricultural manufacturing. Other areas are financing medicinal and aromatic plants, honey bee products, a program for financing modernization of irrigation systems and solar energy applications, purchasing and leasing agricultural mechanization, purchasing and renting agricultural crop dryers, contract farming, trading in agricultural inputs (seeds, fertilizers, pesticides, seedlings), fishing boats and fishermen (including working capital), and treating and recycling agricultural waste.
Innovative non-financial solutions will also be provided to entrepreneurs and enterprise owners through the business development centres of the NilePreneurs Initiative, in a way that suits the target groups.
