Al Tadamun for Microfinance signs EGP 100m deal with Agricultural Bank of Egypt – Dailynewsegypt

Al Tadamun for Microfinance signs EGP 100m deal with Agricultural Bank of Egypt  Daily News Egypt

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Sep 30, 2024 - 00:00
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Al Tadamun for Microfinance signs EGP 100m deal with Agricultural Bank of Egypt – Dailynewsegypt

Al Tadamun for Microfinance signs EGP 100m deal with Agricultural Bank of Egypt - Dailynewsegypt

Al Tadamun for Microfinance Signs Financing Agreement with Agricultural Bank of Egypt

Al Tadamun for Microfinance, a leading institution in financing women’s micro-enterprises, has signed a new financing agreement with the Agricultural Bank of Egypt (ABE) worth EGP 100m. This partnership aims to expand funding for women-owned micro-projects across various productive, commercial, and service sectors throughout Egypt.

Supporting Women’s Empowerment and Sustainable Economic Growth

Mona Zulfiqar, Chairperson of the Board of Trustees at Al Tadamun for Microfinance, expressed pride in initiating cooperation with ABE, one of the oldest operating banks in Egypt.

“We believe that the partnership between Al Tadamun for Microfinance and ABE will significantly support women’s empowerment efforts, aligning with the directives of the Central Bank of Egypt and the Financial Regulatory Authority,” Zulfiqar said.

“These efforts aim to promote sustainable economic growth in line with Egypt’s Vision 2030.”

Expanding Microfinance Activities for Job Creation and Economic Development

Reham Farouk, CEO of Al Tadamun, noted the institution’s strong credit history and its current collaboration with 10 banks.

She emphasised the organisation’s continuous efforts to strengthen partnerships with the banking sector to support its strategy of providing the necessary financing for women to expand and develop their businesses with ease.

Farouk explained that Al Tadamun is focused on expanding its microfinance activities to create job opportunities and improve the living standards of low-income families, contributing to broader economic development.

Range of Financing Programs and Services

The institution offers a range of financing programs, including:

  • Individual financing
  • Group financing
  • Family financing
  • “Golden Financing”

Alongside these financing options, Al Tadamun also provides non-financial services to support the growth and success of women-owned micro-enterprises.

Meeting Diverse Needs of Female Micro-Entrepreneurs

Kareem Gomaa, Chief Financial Officer of Al Tadamun, stated that the partnership with ABE will provide distinctive financing mechanisms to meet the diverse needs of female micro-entrepreneurs. This collaboration aims to improve their livelihoods and ensure sufficient income for their families.

SDGs, Targets, and Indicators

SDGs Targets Indicators
SDG 5: Gender Equality 5.5: Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making in political, economic, and public life Indicator not mentioned in the article
SDG 8: Decent Work and Economic Growth 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation Indicator not mentioned in the article
SDG 10: Reduced Inequalities 10.4: Adopt policies, especially fiscal, wage, and social protection policies, and progressively achieve greater equality Indicator not mentioned in the article
SDG 1: No Poverty 1.4: Ensure that all men and women, in particular, the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property Indicator not mentioned in the article

1. Which SDGs are addressed or connected to the issues highlighted in the article?

  • SDG 5: Gender Equality
  • SDG 8: Decent Work and Economic Growth
  • SDG 10: Reduced Inequalities
  • SDG 1: No Poverty

The issues highlighted in the article include women’s empowerment, financing for micro-projects, job creation, and economic development. These align with the goals of SDG 5, SDG 8, SDG 10, and SDG 1.

2. What specific targets under those SDGs can be identified based on the article’s content?

  • Target 5.5: Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making in political, economic, and public life
  • Target 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation
  • Target 10.4: Adopt policies, especially fiscal, wage, and social protection policies, and progressively achieve greater equality
  • Target 1.4: Ensure that all men and women, in particular, the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property

Based on the article’s content, these targets can be identified as relevant to the issues discussed.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

No indicators are mentioned or implied in the article that can be used to measure progress towards the identified targets.

The article does not provide specific data or metrics to measure progress towards the identified targets.

Source: dailynewsegypt.com