Tadamun Microfinance Foundation, which finances women’s micro-enterprises, announced signing a EGP 50m credit facility with the Export Development Bank of Egypt (EBank). The aim is to meet the needs of the women-led micro-enterprise sector, facilitate access to the necessary financing, and enhance the competitiveness of their projects.
Signing the new financing contract focuses on supporting the state’s strategy to expand the establishment and development of women’s projects, which would provide jobs and enhance the living conditions of families, driving economic growth and achieving Egypt’s Vision 2030.
Mona Zulfikar, Chairperson of the Foundation’s Board of Trustees, expressed her pride in signing the contract. She explained that Tadamun is constantly seeking to enter partnerships that aim to support women’s projects and help them grow, in line with the directions of the Financial Regulatory Authority (FRA) and CBE to support micro-enterprises as the engine of economic growth.
Reham Farouk, CEO of the Foundation, said that the Foundation will redirect funding to women-owned enterprise owners through a package of flexible financing programs that suit the needs of different categories, based on the Foundation’s role as a leader in the field of financing micro-enterprises.
She added that the credit facility will support Tadamun’s strategy, which is based on providing financing to women owners of micro-projects with ease and convenience. This contributes to expanding their activities, providing sufficient income for their families, and improving their lives.
Karim Gomaa, the Foundation’s Financial Director, said that the Foundation has a strong credit history because it is always seeking to diversify its sources of funding. It is currently cooperating with 11 banks working in Egypt, in line with its expansion strategy that aims to reach the largest segment of female clients.
He also pointed out that Tadamun offers a diverse and distinguished group of financing programs for its clients, including individual financing, group financing, household financing, and gold financing, in addition to non-financial solutions and services to meet the growing needs of the market and contributing effectively to achieving comprehensive and sustainable economic growth.
