The Solidarity Microfinance Foundation, which specializes in microfinance for women, announced the signing of an agreement with the Arab African International Bank to increase its credit facilities by an additional EGP 200 million, bringing the total to EGP 400 million. The aim is to expand financing for women with microenterprises.
Mona Zulficar, Chairperson of the Foundation's Board of Trustees, expressed her pride in expanding the scope of cooperation between the Foundation and the Arab African International Bank, with the aim of enhancing the role of the microenterprise sector in promoting sustainable development and economic growth, and expanding the umbrella of financial inclusion in Egypt.
She explained that this cooperation will contribute to providing innovative and distinctive financing mechanisms that meet all the financing needs of women seeking support for their projects, thus supporting the expansion of their activities, increasing employment opportunities, and improving the standard of living for Egyptian families.
For her part, Reham Farouk, CEO of the Foundation, said that the agreement with the Arab African International Bank supports the implementation of the Foundation's strategy, which aims to reach the largest segment of female clients, contributing to the goal of women's economic empowerment across the country.
She added that the Foundation is constantly keen to expand the scope of partnerships and agreements with its partners at various levels to enhance its leading role in the microfinance sector, as it is a fundamental pillar of economic growth, contributing to the achievement of Egypt's Vision 2030 for Comprehensive Development.
Karim Gomaa, the institution's financial director, noted that the institution consistently seeks to diversify its funding sources, especially given its strong credit history and current partnerships with 12 banks. This is in line with its expansion strategy, which aims to reach the largest segment of female clients and maintain its outstanding performance in the Egyptian market.
Jumaa noted that the institution offers a variety of financing programs for its clients, including individual financing, group financing, family financing, gold financing, and individual financing plus, in addition to non-financial solutions and services, which contribute to enabling women to easily access appropriate financing for their projects.
