Banque Misr signs $31.89mln contract for Tamkeen microfinance project

The agreement allows providing around 10,000 microloans across all governorates

  
People walk in front of Banque Misr in Cairo, Egypt, September 7, 2017. Image used for illustrative purpose.

People walk in front of Banque Misr in Cairo, Egypt, September 7, 2017. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany

Cairo – Banque Misr signed on Sunday the contract for the Tamkeen microfinance project with a total value of EGP 500 million from the Enterprise Development Agency.

The contract was signed in the presence of the Egyptian Minister of Trade and Industry, Nevine Gamea, and the Chairman of Banque Misr, Mohamed El-Etreby.

The agreement allows providing around 10,000 microloans across all governorates, with a maximum value of EGP 250,000 per loan, based on its production and marketing capabilities.

The contract was signed by Akif El-Maghribi, Vice Chairman of Banque Misr; and Tarek Shash, Executive Vice President of the Micro, Small, and Medium Enterprise Development Agency (MSMEDA).

Source: Mubasher

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