Egypt’s Sovereign Fund, Etisalat Egypt launch company to provide finance to micro, small companies

The fund said on Monday the step, in line with Egypt’s Vision 2030, supports financial inclusion and generates opportunities for youth by providing innovative financial services and digitally enabled lending products.

Recipients of microfinance loans increased by 46 percent in the past year, with loans reaching EGP 35.5 billion. Some 3.8 million beneficiaries -- 60 percent of whom are women -- received loans worth EGP 33.5 billion، according to the Ministry of Palnning and Economic Development.

Minister of Planning and Economic Development Hala El-Said said Erada is in line with the government's directives to facilitate access for small and micro enterprises to financing and to create more job opportunities for youth.

The minister noted that fintech-enabled businesses with strong financing facilities support Egypt’s digital transformation and financial inclusion agenda to achieve Egypt’s Vision 2030 as well as the United Nations Sustainable Development Goals (SDGs), namely SDG 5: Gender Equality; and SDG 8: Decent Work and Economic Growth.