Microfinance in Egypt has seen a 7% growth in Q3 2020

The value of microfinance in Egypt grew by seven percent recording 42.7 billion Egyptian pounds during the third quarter of 2020 compared to Q2 of the same year, according to the Chairperson of the Egyptian Microfinance Federation, Mona Zulfcar.

The number of beneficiaries also rose slightly by 0.5 percent to become 3.9 million, Zulfacar added pointing out

She added that the non banking sector including NGOs offered 17.8 million Egyptian pounds increasing by 3.7 percent when compared to a quarter earlier to 3.1 million beneficiaries.

The value microfinance offered directly by banks with a maximum sum of 100,000 pounds grew by 9.7 percent registering 24.9 billion pounds serving 833,000 clients.

Zulfucar showcased that the UNDP indicates that SMEs compose 99 percent of private investments in Egypt creating 75 percent of offered opportunities. She also cited a report by the Ministry of International Cooperation stating that 10 percent of business owners are women.