QNB Egypt, a division of QNB Group, has agreed to extend a credit facility valued at EGP 195 million with the Al Tadamun Microfinance Foundation, a pioneer in microfinance for women-focused microprojects. The goal of this grant is to increase the amount of money available to women-owned microprojects across the nation.

In line with the directives of the Financial Regulatory Authority and the Central Bank of Egypt to strengthen the role of the microfinance industry as a key pillar of economic growth, this agreement demonstrates the dedication of both QNB Egypt and the Al Tadamun Microfinance Foundation to actively support initiatives targeted at women’s empowerment.

Chair of the Board of Trustees of Al Tadamun, Mona Zuelficar said, “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 added that Al Tadamun and QNB Egypt have had a successful and positive collaboration for more than 17 years, with the main objective being to promote women’s economic empowerment in accordance with Egypt’s Vision 2030 and the Sustainable Development Goals.

The Foundation is constantly working to offer outstanding funding mechanisms that satisfy different financing needs for its clients, assisting them in developing and expanding their projects, which helps to increase employment opportunities and raise the standard of living for Egyptian families, according to Riham Farouk, CEO of Al Tadamun.

As per Farouk, Al Tadamun intends to increase the scope of its microfinance operations by providing a unique and varied array of financing programs that target various clientele groups, such as “individual financing product, group financing product, family financing product, golden financing product, and individual plus financing product,” in addition to our client benefits. In addition to actively assisting in attaining sustainable economic growth, this seeks to satisfy the expanding expectations of the market.

The Al Tadamun Microfinance Foundation’s Chief Financial Officer, Kareem Gomaa, mentioned the organization’s continuous attempts to increase the variety of its funding sources. It has effectively increased its cooperation with the banking industry, which now consists of 11 banks operating in Egypt, thanks to its strong credit history and ties with many banks. This improves its capacity to carry out its aggressive expansion plan.