The Egyptian Arab Land Bank (EALB) joined the Egyptian Union of Microfinance, according to EALB Chairperson Amr Kamal.
Kamal said the bank decided to include microfinance among its various activities, including financing large companies, small and medium enterprises (SMEs), individuals, and mortgages.
He added that the bank aims to expand in microfinance for its great economic and social importance, especially for the neediest people and female family supporters.
EALB will begin its microfinance activity through licensed associations to carry out microfinancing, particularly the Financial Regulatory Authority, especially in the Upper Egypt and New Valley regions, according to Hussein Abdel Mohsen, head of EALB’s retail banking and microfinance development department.
The bank is also seeking support from some international institutions to provide financing programmes for agricultural and renewable energy activities, Abdel Moshen said.
In an earlier statement, Kamal told Daily News Egypt that the bank has been negotiating with SANAD Fund to obtain special funding for microprojects. A special microfinance fund has also been considered, Kamal said, stressing that the bank is interested in expanding in this economic sector.