Banque du Caire loans EGP100 mln to Erada Microfinance

Egypt’s Banque du Caire has awarded 100 million Egyptian pounds in financing to Erada Microfinance Company, as part of the bank’s leading role and continued efforts in supporting microenterprises, an emailed statement said on Thursday.

The loan is designed to finance the commercial, industrial, service, and agricultural sectors through products and programmes to finance microenterprises, the bank added in its statement.

The bank’s support for microenterprises is important as it provides more than 1.3 million jobs and sustainable production projects, serving different segments, most notably youth and female breadwinners.

The bank also granted loans worth 29 billion Egyptian pounds to about 680 thousand customers over the last five years, including some 45 percent who were dealing with the banking sector for the first time.

Tarek Fayed, Chairman and CEO of Banque du Caire, assured that the granted fund will contribute to bring the largest possible segment of clients into the formal economy to contribute to economic growth in line with Egypt’s Vision 2030.

“This facility will enable us to extend our business financing services to micro and small enterprises throughout our 20 branches located in Egypt, serving thousands of our clients,” Amr Aboelazm, co-founder, vice chairman, and CEO of Erada, said.

Aboelazm further added that this deal is strengthening the company’s digital transformation strategy, empowering the nation’s men and women entrepreneurs, and contributing to the country’s efforts towards achieving financial inclusion.