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Banque Misr launches Zaat program for women empowerment
Banque Misr launched – in collaboration with the International Finance Corporation (IFC) – the first integrated financing program supporting Egyptian women entrepreneurs “Zaat”.
The program comprises a wide array of financial and non-financial services for female entrepreneurs, including offering needed financing, training sessions, business development needs, etc.
Zaat offers financing programs which are tailored to fulfill various needs and activities. It can provide financing up to EGP 6 million and payment periods up to 60 months with competitive rates and the simplest conditions and procedures.
It is worth mentioning that all strata of the Egyptian community (males-females) can get a boon of the integrated financing program.
There are also many financial services and preferential benefits provided by Zaat program, including postponement of installments during the maternity leave for a period of three months (especially for females), exemption from the periodic expenses of a savings account, exemption from issuance expenses for an instant debit card for individuals / companies, and the issuance of a personal accident insurance document for free during the loan period.
Moreover, a youth card can be issued for children with the card linked to the customer’s account. There is also an option for transferring employee salaries. Banque Misr also seeks through this program to take the lead to offer special banking services for females.
Under a cooperation protocol with the IFC, the IFC will conduct a market study that would highlight women’s needs in the business domain while ensuring the best international practices. Moreover, the IFC will also prepare and implement a sustainable business model for a banking service program for women.
In addition, the IFC will also assist informal micro-businesses – which are usually owned or run by women – to join the formal economy within the framework of supporting financial inclusion efforts.
For his part, Banque Misr Board Chairman Mohamed El Etribi said female entrepreneurs represent a major part of small businesses in Egypt, but they face difficulty in getting needed finance and support for managing their businesses and developing them.
He said the bank seeks through this program to cooperate with the IFC to reach out this segment at large, support companies in Egypt and help them grow, create jobs and push forward the wheel of economic development.
He added that the program offers a chance to getting informal businesses to join formal economy.
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