Erada Microfinance Company has secured a financing agreement with Banque du Caire, worth 100 million Egyptian pounds.
The financing agreement comes within the framework of Erada’s strategy to help and improve the services for their clients, as it aims to provide tailored financing solutions that support the growth of the small and micro enterprises, enabling their long-term success. With this funding, Erada will be better equipped to provide customized financial support to entrepreneurs and small businesses, thus contributing to the overall economic growth of Egypt. This commitment to financial inclusion aligns with Egypt’s Vision 2030, which aims to promote socio-economic development through sustainable growth.
Mr. Amr Aboelazm, co-founder, Vice Chairman, and CEO of Erada, expressed his delight at signing the financing and partnership agreement with Banque du Caire, saying: “The partnership enhances our ability to reach our target segment and companies, as our efforts are focused on relying on the financial technology sector.” He added: “This facility will enable us to extend our business financing services to micro & small enterprises throughout our 20 branches located in Egypt serving thousands of our clients, strengthening our digital transformation strategy, empowering the nation’s men & women entrepreneurs, and contributing to the country’s efforts towards achieving financial inclusion.”
It is worth mentioning that Erada cooperates with banks, major companies, and project owners to provide microfinance through advanced solutions, young calibers, and financial technology that will contribute to providing opportunities on a large scale for young people.
Erada is an Egyptian company established in 2022, and it is a partnership between Etisalat Egypt by e& affiliated to the parent group e&, and The Sovereign Fund of Egypt, sub fund for Financial Services and Digital Transformation, along with Mr. Amr Aboelazm, who is in charge of the executive management.