Egypt's 'Takaful wa Karama' to offer microfinance to rural beneficiaries

CAIRO – 24 January 2023: The Rural Industries Support Fund is finalizing a microfinancing programme targeting Takaful w Karama (Egypt's Monetary Subsidies Programme) beneficiaries – residing the countryside - within its plans to economically empower those individuals by either making them employable and helping them getting hired or assist them with creating jobs for themselves.

The fund's chairwoman, Minister of Social Solidarity Nevine al-Qabaj, announced Monday that financing would be provided during the first production cycle of the project with a six-month grace period before the first installment's due date. The fund would also grant the recipient of funding life and illness insurance.   

The funding will be carried out through partner associations and institutions that must be licensed by the Financial Regulatory Authority, and have a system for projects monitoring and evaluation.

Applicants must be aged between 18 and 59, have a good credit score, as well as a suitable place to set up the project.