Latest news with #QNBEgypt
Zawya
15-04-2025
- Business
- Zawya
Egypt inks protocol to finance 40 agricultural projects in South Sinai
Arab Finance: Egypt's Ministry of Agriculture and Land Reclamation Alaa Farouk signed a cooperation protocol with QNB Egypt to finance 40 agricultural projects in South Sinai, marking the first phase of broader development plans for the region, as per a statement. The agreement is part of joint efforts to promote sustainable agricultural development in Sinai. Under the protocol, the Desert Research Center is launching the "Namaa" initiative to support agricultural communities in South Sinai. The initiative will provide microfinance for projects aimed at increasing productivity, improving income, and empowering women in desert areas. It also seeks to strengthen community partnerships by linking banking, research, and agricultural institutions. Farouk said the protocol targets 40 projects in the El Qaa plain development cluster, offering support and training to beneficiaries to adopt sound agricultural practices that boost yields. He noted that the initiative also aims to generate new job opportunities, contribute to food security, and strengthen family and social stability in desert regions. The first phase will focus on overcoming environmental challenges in the El Qaa plain cluster and maximizing land and water resource use. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
10-04-2025
- Business
- Zawya
Egypt: QNB Egypt's consolidated profits rise 1.6% YoY in Q1 2025
Arab Finance: QNB Egypt recorded consolidated net profits attributable to the equity holders of the bank valued at EGP 7.185 billion in the first quarter (Q1) of 2025, an annual rise of 1.579% from EGP 7.073 billion, the financial indicators showed. Earnings per share (EPS) increased to EGP 2.90 in Q1 2025 from EGP 2.86 in Q1 2024, while the net interest income jumped to EGP 11.203 billion from EGP 9.862 billion. As for the standalone business, the EGX-listed lender generated net profits amounting to EGP 6.951 billion in the first three months of 2025, versus EGP 6.850 billion a year earlier. Non-consolidated net interest income amounted to EGP 11.004 billion at the end of March 2025, higher than EGP 9.717 billion in the year-ago period. In 2024, the bank's consolidated net profits after tax and non-controlling interest jumped by 62.67% year on year (YoY) to EGP 26.398 billion from EGP 16.228 billion. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
25-03-2025
- Business
- Zawya
Al Tadamun Microfinance to renew $3.85mln credit facility with QNB Bank
Cairo – Qatar National Bank Al Ahli (QNB) and Al Tadamun Microfinance Foundation reached an agreement to renew a credit facility worth EGP 195 million, according to a press release. 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." Riham Farouk, CEO of Al Tadamun highlighted that Al Tadamun plans to expand its microfinance activity by offering a diverse and distinctive range of financing programmes that cater to different segments of clients. Source: Mubasher
Zawya
23-03-2025
- Business
- Zawya
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.
Zawya
24-02-2025
- Business
- Zawya
QNB Egypt's board approves dividend
Egypt - QNB Egypt's board of directors approved a cash dividend distribution of EGP 1.5 per share, according to a bourse disclosure issued on February 23rd. The lender logged 62.67% higher net profits after tax and non-controlling interest at EGP 26.398 billion in 2024, compared to EGP 16.228 billion in 2023. Meanwhile, the standalone net profits after tax hiked to EGP 25.806 billion in 2024 from EGP 15.769 billion in 2023. Established in 1978, QNB Egypt provides dedicated products in corporate banking, financial advisory, project financing, structured financing, trade financing, cash management, and foreign exchange. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
