Cairo: Egyptian Arab Land Bank agreed to allocate EGP10mln loans for use by Egypt Youth Association in financing micro enterprises in the upcoming period.
" The loan will be disbursed during the next few days, while negotiations are ongoing with Micro, Small & Medium Enterprises Development Agency for getting up to EGP20mln financing," deputy chairman of EYA Khalid Salah told Al-Mal newspaper.
EYA plans to increase its loan portfolio to EGP100mln late 2018 and inaugurated recently two branches in the Upper Egypt province of Almenia, driving up branches to 6, whereas opening up other branches is down the road, he explained.
EYA has ambitious plan to grow in the domestic market by means of relying on banking loans, he elaborated, noting that it got EGP15mln from the National Bank of Egypt.
Micro enterprises that benefited from micro-financing jumped to 2.2 clients with funding amounting to EGP7bn late 2017, while female beneficiaries rose to 70% of total micro-financing, according to statistics of the Financial Supervisory Authority.
On top of three companies and five newly-established companies, associations and civil institutions, licensed as micro financiers, soared to 850. Service providers including offices and branches mushroomed to 1600 nationwide.
FSA announced back in November 2014 the issuance of Egypt's first law regulating micro enterprises to serve the most vulnerable segments of society who have no financial resources to set up enterprises, whether in commerce, crafts or services.
Source: Almal News
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