Egypt’s Al Tadamun Microfinance gets $3.88mn from FAB

Egypt-based Al Tadamun Microfinance Foundation has renewed a credit facility agreement of 120 million Egyptian pounds with First Abu Dhabi Bank Egypt (FAB), according to national newspaper reported on Monday.

The leading provider of microfinance for women entrepreneurs aims to expand its financing services for more women-owned-micro-enterprises. The deal reflects the bank’s commitment to support the micro-enterprise sector.

The bank’s cooperation considers as a driver of economic growth, job creation, and national product enhancement. However, this matches Egypt’s vision to integrate more women into the formal economy.

The agreement supports the foundation’s strategy of reaching more beneficiaries and providing them with financial and non-financial services to meet their needs, said Mona Zulfikar, chairperson of the board of trustees at Al Tadamun.