Egypt’s National Bank for Development has allocated 200 million Egyptian pounds (about 32 million US dollars) to fund small and micro enterprises.  All of these funding programs will be consistent with Islamic banking rules, as NBD is the only bank in Egypt that offers Islamic compliant microfinancing.  NBD wants to provide financial services to the segment of the population that does not normally receive this kind of funding.  In 1989, NBD was the first bank to launch microfinance in Egypt.  Originally with five financing units, the bank has now expanded to thirty-nine financing units.  The programs NBD offers range from about 160 USD to over 8000 USD, with repayment in fixed installments without collateral. The end goal of all these programs is to elevate living standards and encourage entrepreneurship.  The bank focuses on encouraging local skills and crafts, preserving those that are in danger of extinction, and supporting projects launched by women.  Great work Egypt and NBD!

Source: http://www.cpifinancial.net/news/post/16284/egypts-nbd-allocates-egp-200-million-to-finance-micro-enterprises

About Katherine Rodota

Katherine is a recent graduate from Cal Poly San Luis Obispo where she studied International Business and French. She is currently working at a private equity firm in the San Francisco Bay Area. Katherine loves to travel, and recently spent her summer volunteering in Mauritius.