Minister of Social Solidarity Ghada Waly said that the issuance of Law No. 141 of year 2014, which controls the activity of associations working in the field of microfinance, will encourage banks lend them in order to help them expand their activities. She said this in the conference held by the Central Bank of Egypt (CBE) last week to announce launching the microfinance initiative. Banks must use the immense need for this kind of financing, especially since the rate of committing to repay microfinance loans is high,” Waly said. “The only mechanism to get rid of poverty is work, and work needs financing, and the CBE’s initiative provides this financing,” said Waly.

Source: Daily News Egypt May 28, 2017 08:15 UTC