USAID, PNB Paribas lend LE 27m to Egyptian microfinance institution

USAID Egypt under its Micro and Small Enterprises (MSE) Development program,
has entered into an agreement with multinational bank, PNB Paribas Bank to
lend LE 27 million loan to Egyptian microfinance institution, The Lead
Foundation.
Over the course of the loan agreement, Lead Foundation is expected to provide
microfinance loans to more than 400,000 borrowers. As of December 2010, Lead
had 194,392 active clients, 87% of which were poverty loans (less than $425)
and 82% of which were loans to women. It provides over 28,000 loans to micro
entrepreneurs monthly.
The USAID/Egypt Micro and Small Enterprises (MSE) Development program, to date,
has assisted eleven MFIs and two banks which have extended more than 8.3
million micro-credit loans valued at $2.5 billion to 3.4 million small and
micro entrepreneurs. These loans have had less than a two percent default
rate.
PNB Paribas Egypt had earlier financed €5 million to an MFI in the Delta Region
that serves more than 100,000 low-income clients.
Egypt has approximately 300 specialized microfinance branches operating
nationwide managing an outstanding loan portfolio of more than $256 million.
These MFIs serve about 1.1 million clients, of which almost 65% are poor women
in economically disadvantaged areas.

For all article and information: http://www.developmentnetwork.co.nr/