Cairo – Mubasher: The activity of microfinance rose 23% year-on-year in the first half of 2017, chairman of the Egyptian Financial Supervisory Authority (EFSA) Sherif Samy said on Sunday.
The value of microfinance for non-governmental organisation (NGOs) and firms reached EGP 5.5 billion by the end of June 2017, versus EGP 4.48 billion at the end of December 2016, he noted.
The report showed that the number of beneficiaries increased 10% to 2 million beneficiaries until the end of June, compared to 1.8 beneficiaries at the beginning of the year.
Microfinance providd to females represented 52.4% by the end of H1-17, equivalent to 70.3% of total beneficiaries offered by NGOs and firms, the report added.
By the end of June 2017, NGOs’ stake of microfinance reached 70% of the total balance, against 30% for companies.
The activities of trade, service, agriculture, and production and craft acquired 61.5%, 18%, 13%, and 7.4%, respectively, of the financing activity, Samy added.
