Emirates NBD-Egypt and Al Ahly Tamkeen for Microfinance Join Forces in EGP 200 million Medium-Term Loan Agreement to Empower Microenterprises
Cairo - 10th October 2023 : In a pioneering move to bolster the Egyptian economy and provide vital financing to microenterprises, Emirates NBD, the leading banking group in the Middle East, North Africa, and Turkey, has announced the signing of medium – term loan contract worth 200 million Egyptian pounds with Al Ahly Capital for Microfinance- Tamkeen.
This strategic partnership between Emirates NBD-Egypt and Tamkeen Company aims to expand and develop microenterprises while addressing their financial needs. Designed with flexible and accessible terms, this loan will enhance the financial sustainability of microenterprises and pave the way for their future success.
Tamer Ragheb, Head of Corporate and Institutional Banking at Emirates NBD-Egypt, stated that this collaboration aligns with the bank’s strategy to promote financial inclusion and microfinance. Recognizing the social and economic significance of this sector, Emirates NBD- Egypt is committed to reaching marginalized groups across the Republic and integrating them into the formal economy, thereby creating new job opportunities and fostering sustainable growth in the sector.
Al Ahly Capital for Microfinance Company, “Al Ahly Tamkeen”, is a renowned player in the Egyptian microfinance landscape, specialized in providing financial assistance and funding options to microenterprises facing challenges in obtaining traditional funding. By securing this loan, Tamkeen can broaden its reach and strengthen its ability to contribute to the economic and sustainable growth of the Egyptian market, aligning with Egypt’s Vision 2023 for sustainable development.
Magdy Moussa, the Managing Director of Al Ahly Tamkeen, emphasized that the partnership with Emirates NBD-Egypt serves as a means of supporting the company’s credit portfolio that cater to the needs of target groups. This collaboration facilitates the expansion of financial services in line with the needs of the microenterprises that foster effective value creation and actively contribute to the national economy in productive and service sectors. Additionally, it leads to the creation of sustainable jobs and improved income stability for employers and workers alike.
This unprecedented initiative by Emirates NBD-Egypt and Al Ahly Capital for Microfinance Company further underscores both institutions’ commitment to fostering financial inclusion, sustainable development, and social sustainability. By supporting the Egyptian economy and creating job opportunities within the Egyptian market, Emirates NBD-Egypt aims to fuel economic growth. The bank also anticipates that this loan will serve as a catalyst for future cooperation and sustainable partnerships, leading to the robust advancement of microenterprises in Egypt.
UAE
