Lead Foundation loans $29 million to micro enterprises in Egypt

Egyptian NGO, Lead Foundation’s current portfolio for micro enterprises reached 225 million Egyptian pounds (US$28.7million) at the end of October 2015, Karim Fanous -vice chairman- said Wednesday.

Speaking to Amwal Al Ghad , Fanous stated that the portfolio includes around 151,000 clients.

By the end of October 2015, Lead Foundation has injected 442 million pounds into 170,500 loans, the official added.

He clarified that Lead Foundation has launched new types of loans for women since 88 percent of its clients are women.

Lead Foundation was founded in 2003 under NGO law number 84/2002.

It specializes in the delivery of microfinance services to Egypt’s economically active poor and has started in the Greater Cairo area. Lead was initially established with the contributions of individuals of the Egyptian private sector who are committed to playing a major role in the social and economic development of the country, and with support from the United States Agency for International Development (USAID).

The Foundation identifying the most effective interventions likely to have positive social and economic impacts by focusing on reaching out directly to two segments of the society who are most in need of empowerment: poor and low-income entrepreneurs as well as women.

It provides microfinance services to these target groups through two successful programs: The Microenterprise Individual Lending Program, and the Blossoms of Goodwill Group Lending Program.