The non-governmental organizations (NGOs) and financing companies working in financing micro-projects from members of the Federation granted LE 31.9 billion to serve 3.8 million customers, while the banking system injected funds (up to LE 20,000) by about LE 32.7 billion, to 778,000 customers by the end of June 2022.
FRA indicated in a report, Saturday, that the number of microfinance beneficiaries reached 3.2 million by the end of 2020, up from 3.1 million during 2019.
The number of beneficiaries also rose slightly by 0.5 percent.
Also, the number of beneficiaries grew by 11.8 percent.
The number of beneficiaries reached 3.3 million customers with a growth rate of 14.1 percent, compared to the results of the end of the second quarter of 2018.
Wali explained that 55 foreign entities provided 151 grants to 112 NGOs in Egypt.
Zulficar stated that the number of enterprises holding licenses to provide microfinance increased to six while that of NGO’s rose to 897.
A wrap-up of the most prominent business news of the day.
IFC will provide advisory services to the Dakahliya Businessmen Association for Community Development (DBACD) to ramp up ts lending to low-income citizens.
A number of 840 entities were granted licenses by the EFSA to operate in the microfinance sector.
70% of microfinance beneficiaries are women, amounting to 1.4 million, compared to 600,000 men. Most of these are from Upper Egypt.
The forum includes a presentation of a report prepared by OECD on women’s economic empowerment in six MENA countries.
The small and medium enterprises (SMEs) portfolio will increase through the addition of 18,000 new clients to the current 56,000 clients in June
The number of beneficiaries from microfinance initiatives in that period increased 10 percent, registering 1.8 million, EFSA says.
Egyptian Financial Supervision Authority (EFSA) disclosed the 1st digital microfinance map, showing the licensed bodies that practice microfinance on Tuesday.
There has been a program to combat poverty in Giza which executed 34,446 projects through local development associations.
The value of the existing microfinance balances at Egyptian NGOs and companies rose 10 percent to LE 5 billion up from LE 4.5 billion in the previous quarter.
That number is the outcome of cooperation between civil associations and the Egyptian Union of Microfinance.
The Central Bank of Egypt (CBE) launched, Tuesday, a microfinance initiative to enlarge banking funding to micro projects.