Arab Finance: Al-Ahly Capital Microfinance Company (Al Ahly Tamkeen) has signed a medium-term loan agreement worth EGP 500 million with Banque Misr to back micro enterprises, according to an emailed press release on July 31st.
Banque Misr’s Chairman Mohamed El-Etreby said that this cooperation comes as part of the lender’s strategy to support the non-bank financial institutions in Egypt.
For his part, Vice Chairman of Banque Misr Akef El-Maghraby said that such loans could encourage men and women to establish new projects in different sectors that in turn will create new job opportunities.
Managing Director of Al-Ahly Tamkeen Magdy Moussa said that his firm is always keen to increase the number of clients joining the financial inclusion initiatives.