Al Tadamun Microfinance Foundation and QNB Bank agree to renew credit facility worth EGP 195mln
Cairo – Al Tadamun Microfinance Foundation, a leader in microfinance for micro-projects aimed at women, has reached an agreement with QNB Egypt, a subsidiary of QNB Group, to renew a credit facility worth EGP 195 million. This financing aims to expand the funding of micro-projects owned by women throughout the country.
This agreement reflects the commitment of both Al Tadamun Microfinance Foundation and QNB Egypt to actively contribute to efforts aimed at women's empowerment, aligning with the directions of the Central Bank of Egypt and the Financial Regulatory Authority to enhance the role of the microfinance sector as a fundamental pillar of economic growth.
Mona Zuelficar, Chair of the Board of Trustees of Al Tadamun, commented: "We take pride in renewing the agreement with QNB Egypt, which will significantly contribute to the implementation of the Foundation's strategy aimed at reaching the largest possible segment of female clients nationwide, thereby supporting the expansion of financial inclusion."
Zuelficar also mentioned that Al Tadamun and QNB Egypt have maintained a fruitful and constructive partnership for over 17 years, focusing on a primary goal of supporting women's economic empowerment in line with the Sustainable Development Goals and Egypt's Vision 2030.
On her part, Riham Farouk, CEO of Al Tadamun, stated that the Foundation is always striving to provide exceptional funding mechanisms that meet various financing needs for its clients, helping them develop and grow their projects, which contributes to enhancing job opportunities and improving the living standards of Egyptian families.
Farouk added that Al Tadamun plans to expand its microfinance activity by offering a diverse and distinctive range of financing programs that cater to different segments of clients, including "individual financing product, group financing product, family financing product, golden financing product, and individual plus financing product," in addition to our client benefits. This aims to meet the growing market demands and actively contributes to achieving sustainable economic growth.
Kareem Gomaa, the Chief Financial Officer of Al Tadamun Microfinance Foundation, noted the Foundation's ongoing efforts to diversify funding sources. Given its solid credit history and its strong relationships with numerous banks, it has successfully expanded its collaboration with the banking sector, which currently includes 11 banks operating in Egypt. This enhances its capability to implement its ambitious expansion strategy.
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