EBank Renews EGP 50 Million Funding to Empower Women Entrepreneurs in Egypt

As part of its commitment to supporting financial inclusion and empowering women economically, the Egyptian Export Development Bank (EBank) has renewed a credit facility worth EGP 50 million for Al-Tadamon Microfinance Foundation. This foundation specializes in funding micro-projects owned by women, and the aim is to expand the number of beneficiaries and strengthen their ability to manage and grow their businesses within the Egyptian market. This move comes amidst growing cooperation between the banking sector and microfinance institutions, all working to support those most in need of funding. It perfectly aligns with Egypt's economic development goals and Vision 2030, which prioritizes women's empowerment and job creation. Al-Tadamon Foundation believes that renewing this credit facility shows continued confidence in its operational model and its ability to direct funding to a wide range of women who own small businesses. This, in turn, helps improve income levels and boosts the competitiveness of these projects within the local economy. In this regard, Mona Zulficar, Chairperson of Al-Tadamon Microfinance Foundation's Board of Trustees, emphasized that the partnership with EBank is part of a broader system aimed at supporting micro-projects as a key driver of economic growth. She noted that providing funding to target groups is a direct tool for creating jobs and improving living standards. She also explained that ongoing collaboration with the banking sector strengthens the Foundation's efforts to expand financial inclusion by offering innovative funding solutions that meet the needs of women in various governorates. For her part, Reham Farouk, CEO of Al-Tadamon Microfinance Foundation, stated that the Foundation is actively building strategic partnerships with various financial and regulatory bodies. This aligns with the directives of the Central Bank of Egypt and the Financial Regulatory Authority to support the microfinance sector as a fundamental pillar of economic growth. She added that the new funding will be channeled through a package of flexible financing programs. These include individual and group financing, "Forsa" (Opportunity) and "Khatwa" (Step) financing, Golden financing, and family financing for machinery, equipment, and transportation. Additionally, other financing products are designed to meet the needs of diverse segments of female clients. In the same vein, Karim Gomaa, the Foundation's Financial Manager, pointed out that this facility supports the implementation of the Foundation's strategy to make it easier for women to access funding. This empowers them to expand their activities and achieve sustainable income, which positively impacts their families. He also highlighted the Foundation's strong credit standing and its ongoing efforts to diversify funding sources by collaborating with 11 banks in the Egyptian market. This supports its expansion plans and enhances its ability to reach an even larger base of beneficiaries.