Daman Company CGC – and the Egyptian Family Development Foundation in Aswan celebrate the graduation of the Edfu Microfinance Unit
In light of the warranty company contract CGC – and the Egyptian Family Development Foundation, which has been operating since 867 in Aswan Governorate, the Edfu Individual Credit Unit graduated after its success in reaching financial sustainability and operating under the Guarantee Company program (Development of micro-enterprises). Naglaa Bahr, Managing Director, Daman Company, CGC, and Dr. Sohair Al-Masry, Director General of the Egyptian Family Development Foundation, and Ms. Moshira Moussa, member of the Board of Trustees of the Egyptian Family Development Foundation – in Aswan Governorate, and a number of employees in the concerned departments of Daman Company. CGC
7300 The (Micro Enterprise Development) program concerned with enabling micro-lending institutions/entities contracting with the program to achieve financial sustainability and Employability through the financial and technical support provided by the program, as the program mechanisms provide the necessary financing for these institutions to establish micro-lending units from participating banks through the guarantee product specifically designed to provide this financing. Technical support is provided through an integrated package concerned with developing and activating implementation strategies and plans that are consistent with the nature of the institution and the target groups, and it includes providing unified and approved operating systems, providing work regulations and policies, assistance in selecting and training workers, providing unified automated systems, in addition to follow-up, supervision and other things that enable the institution From activating a strong and good microfinance portfolio.
7300 On this occasion, Naglaa Bahar, Managing Director of Daman Company, crossed CGC – on the company’s happiness with the results achieved by the small and emerging projects development program of Daman Company CGC – and its success in supporting the Egyptian Family Development Foundation through the Edfu Individual Lending Unit and providing material and technical support to the unit to enable it to achieve its financial and operational sustainability, and to graduate from the program in light of the stability of its results Financial and institutional capacity Supporting the management of the Egyptian Family Development Foundation and those in charge of its work and their belief in their role in developing the community of Aswan Governorate and the constant endeavor to build us Developing the institution to carry out the role assigned to it, this development helped the Edfu unit in the institution to provide total funds that exceeded 92 million pounds, from which more people benefited. From 7300 a client and in cooperation with the National Bank of Egypt, and even the Egyptian Family Development Foundation was able to graduate and reach category (A) according to the standards of the Financial Supervisory Authority and it has the ability to attract Direct financing from many banks and agencies, on easy terms, due to its stable and attractive financial and operational status.
The program (Development of Micro-enterprises) affiliated to Daman-CGC is one of the most successful development projects for the company, as the program worked with many microfinance institutions and entities in most governorates of Egypt and facilitated the access of these institutions and entities to financing through the guarantee product and technical support, which enabled The program stems from the inauguration of 86 a specialized unit for financing small and micro projects under the umbrella of the program, which provided financing with a total value of 6 billion To date, more than 1.3 million customers have benefited from it, with a concentration of more than 71% in the governorates of Upper Egypt, with a rate that exceeded
% were directed to serving women.
