The Sovereign Fund of Egypt and Etisalat Egypt together launch ‘Erada’ microfinance

The Sovereign Fund of Egypt and Etisalat Egypt together launch ‘Erada’ microfinance

Cairo: The Sovereign Fund of Egypt (TSFE) and Etisalat Egypt by e& have partnered together to launch the new company Erada Microfinance with the goal of providing access to a wide range of financial services to micro and small enterprises. The partnership is in line with Egypt’s Vision 2030 of supporting financial inclusion and creating opportunities for the youth through providing innovative financial services and digitally enabled lending products.

The founders and shareholding structure of Erada in addition to TSFE and Etisalat Egypt by e&, includes Mr. Amr Abouelazm, an industry veteran in the area of non-banking financial services who has also been appointed as Vice Chairman & Chief Executive Officer of Erada.

In Egypt, the number of beneficiaries who have received microfinance loans is on the rise, with a 46% annual growth rate according to the end of September 2022, reaching approximately EGP 35.5 billion, and 3.8 million beneficiaries, of which 60% were women amounting to 2.3 million beneficiaries, and 64% were youth.

H.E. Dr. Hala H. ElSaid, Egypt’s Minister of Planning and Economic Development and Chairperson of TSFE said that the establishment of Erada is in alignment with the Government of Egypt’s directives to facilitate small and micro enterprises’ access to