Microfinance activity records 1.3 mln pounds in Q1 2018

Egypt’s accumulated microfinance activity  has increased  over the first quarter (Q1) of 2018 to register 8.5 billion Egyptian Pounds, Mohamed Omran, Chairman of the Egyptian Financial Supervisory Authority (EFSA)  said.

He made these comments on the side line of The Afro-Asian Federation of Insurance and Reinsurance Conference for Life Insurance, under the title of “Life Insurance and Financial Inclusion for all segments of society”

Non-bank financial services officials, such as the Chairman of the Egyptian Financial Supervisory Authority, leaders of Egyptian insurance companies, regional insurance associations, associations, NGOs and representatives of 140 organizations, and insurance companies from 20 member countries, participate in the event.

He  added that microfinance activity register 7.2 billion Egyptian Pounds by the end of the previous year pumping new funds of 1.3 billion during the first quarter of 2018.

He further noted that 40 percent of the microfinance volume has been executed in upper Egypt.

“The micro insurance is a key foundation to support microfinance, providing insurance protection to these funds in addition to covering the projects that have received them.