Microfinancing benefits 3.5 million individuals in Egypt, providing EGP 29 billion across all commercial, industrial, agricultural, and service sectors, Ibrahim El-Araby, the chairman of The Federation of Egyptian Chambers of Commerce said on Tuesday.

El-Araby, who is also the head of the Federation of the African Chambers of Trade, Industry, and Agriculture, made his comments during the federation’s launch of a number of workshops – in collaboration with the Islamic Chamber of Trade, Industry and Agriculture – to discuss the role of microfinancing in boosting the sustainable development in the African countries and the low-income economies amid the ongoing inflationary wave and the repercussions of the COVID-19 pandemic.

El-Araby noted that this effort comes in line with the initiatives launched by Egypt’s President Abdel-Fattah El-Sisi that aim to support young people, combat unemployment, and provide a decent life for all people.

The effort is also aligned with the initiatives implemented by the Central Bank of Egypt that encourage the banking sector in Egypt to make microfinancing available.

The microfinance portfolio in Egypt reached EGP 26 billion by 2020, which is below one percent of the country’s GDP of around EGP 4 trillion, according to Decode for Financial and Economic Consultations. Search Keywords:

Courtesy by:https://english.ahram.org.eg/News/467936.aspx