Egypt-based Al Tadamun Microfinance and CIB sign Credit Facility Agreement worth $3.08mln – Fintech News Egypt

Al Tadamun Microfinance Foundation Renews EGP 150 Million Credit Facility with Commercial International Bank (CIB)

Cairo, Egypt – Al Tadamun Microfinance Foundation, a leading institution in financing women-owned micro-enterprises, has announced the renewal of its credit facility agreement with the Commercial International Bank – Egypt (CIB). The renewed agreement, worth EGP 150 million, aims to enhance financial support for women entrepreneurs nationwide, fostering economic growth and financial inclusion.

The renewed credit facility underscores both Al Tadamun and CIB’s commitment to supporting micro-enterprises as a key driver of economic development in Egypt. Mona Zulficar, Chairperson of Al Tadamun’s Board of Trustees, emphasized that this collaboration reflects the Foundation’s responsibility to empower Egyptian women, aligning with the nation’s Vision 2030 and sustainable development goals.

“Renewing this agreement with CIB allows us to broaden our reach, providing financial tools that help women entrepreneurs grow their businesses and secure their families’ livelihoods. This is a step towards expanding financial inclusion for women across Egypt,” said Zulficar.

Reham Farouk, CEO of Al Tadamun, highlighted the significant impact of the partnership with CIB, stating, “Our collaboration enables us to extend our support to a larger number of women who own micro-enterprises. This aligns with our ambitious strategy to expand in the Egyptian market and grow our client base.”

Al Tadamun Microfinance Foundation offers a range of financial products tailored to the diverse needs of women entrepreneurs. These include individual financing, group financing, family financing, and gold financing. In addition to financial services, the Foundation provides non-financial services designed to make access to financing more accessible and efficient for women across different sectors of society.

Karim Gomaa, Financial Director of Al Tadamun, pointed out that the renewal of the credit facility with CIB is part of the Foundation’s broader strategy to diversify its funding sources. He noted that Al Tadamun has built a strong credit history and is currently working with 10 government and private banks across Egypt.

“Our agreements with these financial institutions enhance our ability to implement our expansion strategy and maintain strong growth in both our financing portfolio and client base. We are confident that this renewed partnership with CIB will support our goal of achieving unprecedented growth rates in the near future,” Gomaa added.

The renewed agreement is expected to significantly boost Al Tadamun’s ability to support more women entrepreneurs, contributing to the broader economic development and empowerment of women in Egypt.

About Al Tadamun Microfinance Foundation:
Al Tadamun Microfinance Foundation is dedicated to empowering women through microfinance, offering a wide range of financial and non-financial services to support women-led micro-enterprises across Egypt.

    Share:

Leave a Reply

*