The Sovereign Fund of Egypt (TSFE), in partnership with Etisalat Misr, has launched a new firm under the name of "Erada" for financing small and micro projects, according to a statement by the Egyptian Planning Ministry on January 16th.

The company obtained a license to practice the activity and works through financial technology to support small and micro companies in receiving innovative financing to expand their business.

"This step is in line with the Egyptian state's direction to provide more job opportunities for youth and entrepreneurs to obtain the necessary financing for them, thus contributing to achieving the state's strategy for financial inclusion to support economic growth in line with Egypt Vision 2030," the statement said.

According to the statement, microfinance in Egypt soared 46% year-on-year (YoY) at the end of September 2022 to nearly EGP 35.5 billion for more than 3.8 million beneficiaries.

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