The Sovereign Fund of Egypt (TSFE) and Etisalat Egypt by e& partnered to launch Erada Microfinance. Erada has the goal of providing access to a wide range of financial services to micro and small enterprises.
H.E. Dr. Hala H. ElSaid, Egypt’s Minister of Planning and Economic Development and Chairperson of The Sovereign Fund of Egypt said that the establishment of Erada is in alignment with the Government of Egypt’s directives to facilitate small and micro enterprises’ access to financing and creating additional job opportunities for the youth.
El Said noted that FinTech-enabled businesses with strong financing facilities support Egypt’s national agenda of digital transformation and financial inclusion across all vital economic sectors to achieve Egypt’s Vision 2030 as well as the United Nations Sustainable Development Goals SDG 5 and SDG 8.
Mr. Ayman Soliman, Chief Executive Officer of TSFE, said that the launch of Erada is carried out through TSFE Financial Services and FinTech Subfund in partnership with Etisalat Egypt by e&, and Amr Abo El Azm, in line with TSFE’s strategy of maximizing value through private sector partnerships and partnering with industry veterans. He further added that having Etisalat Egypt as a partner enables Erada to immediately launch a full suite of innovative lending products that are catered to market and customer needs.
The partnership is in line with Egypt’s Vision 2030 of supporting financial inclusion and creating opportunities for the youth through providing innovative financial services and digitally-enabled lending products.