Egypt's EKH to establish new microfinance company

The FRA is reviewing the feasibility study submitted by EKHO in order to get the preliminary approval within a month and half

  
Image used for illustrative purpose.

Image used for illustrative purpose.

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Egyptian Kuwaiti Holding (EKHO) applied for a license, to the Financial Regulatory Authority (FRA), to establish a microfinancing entity under the name of Bedayti, according to Al Mal News.

The FRA is reviewing the feasibility study submitted by EKHO in order to get the preliminary approval within a month and half.

The microfinance market in Egypt includes a limited number of companies, most notably Tasaheel, Aman, Tamkeen, Cash for microfinance, Vitas Egypt, Tamweely Microfinance.

EKHO reported a net profit of $109.29 million in the first half of 2021, up from $80.24 million in the year-ago period.

Egyptian Kuwaiti Holding is an Egypt-based investment company with a diversified portfolio of investments in sectors, including fertilizers and petrochemicals, energy, insurance, manufacturing, information technology, transport, and infrastructure.

The company has investments in 20 companies across five countries, including Egypt and Kuwait.

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